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Prices & Review

Daily price | 2019-10

Copper

Date(Fix.)($/MT) Average5687.13 2019-10-215820 2019-10-185751 2019-10-175726.5 2019-10-165684 2019-10-155745 2019-10-145718.5 2019-10-115763 2019-10-105698.5 2019-10-095660 2019-10-085650.5 2019-10-075626 2019-10-045599 2019-10-035626 2019-10-025629 2019-10-015610

Lead

Date(Fix.)($/MT) Average2154.47 2019-10-212202 2019-10-182211 2019-10-172190 2019-10-162173 2019-10-152144 2019-10-142129 2019-10-112177 2019-10-102162 2019-10-092129 2019-10-082177 2019-10-072188 2019-10-042148 2019-10-032096 2019-10-022077 2019-10-012114

Nickel

Date(Fix.)($/MT) Average17350.33 2019-10-2116200 2019-10-1816475 2019-10-1716325 2019-10-1617005 2019-10-1517070 2019-10-1417405 2019-10-1118000 2019-10-1017750 2019-10-0917745 2019-10-0817560 2019-10-0717950 2019-10-0417905 2019-10-0317785 2019-10-0217670 2019-10-0117410

Gold

Date(Fix.)AM
($/oz)
MEAN
($/oz)
PM
($/oz)
Average 1494.23 1494.14 1494.05 2019-10-21 2019-10-18 1487.5 1488.75 1490 2019-10-17 1484.45 1488.55 1492.65 2019-10-16 1482.55 1483.83 1485.1 2019-10-15 1494.75 1491.28 1487.8 2019-10-14 1494.2 1492.4 1490.6 2019-10-11 1498.35 1488.75 1479.15 2019-10-10 1508.2 1501.5 1494.8 2019-10-09 1503.4 1505.33 1507.25 2019-10-08 1500 1502.93 1505.85 2019-10-07 1502.15 1501.7 1501.25 2019-10-04 1509.5 1504.33 1499.15 2019-10-03 1504 1510.55 1517.1 2019-10-02 1484.05 1488.33 1492.6 2019-10-01 1466.1 1469.78 1473.45

Silver

Date(Fix.)($/oz) Average17.51 2019-10-21- 2019-10-1817.435 2019-10-1717.45 2019-10-1617.255 2019-10-1517.67 2019-10-1417.605 2019-10-1117.6 2019-10-1017.75 2019-10-0917.78 2019-10-0817.555 2019-10-0717.425 2019-10-0417.605 2019-10-0317.6 2019-10-0217.26 2019-10-0117.11

Tin

Date(Fix.)($/MT) Average16530.67 2019-10-2116825 2019-10-1816875 2019-10-1717075 2019-10-1616625 2019-10-1516500 2019-10-1416600 2019-10-1116455 2019-10-1016400 2019-10-0916375 2019-10-0816380 2019-10-0716550 2019-10-0416350 2019-10-0316450 2019-10-0216300 2019-10-0116200

Zinc

Date(Fix.)($/MT) Average2393.57 2019-10-212500 2019-10-182489 2019-10-172457 2019-10-162441 2019-10-152436 2019-10-142432 2019-10-112440.5 2019-10-102400 2019-10-092322 2019-10-082294.5 2019-10-072327 2019-10-042345 2019-10-032324 2019-10-022315.5 2019-10-012380

Cobalt(Standard Grade MB free market low quotation)

Date(Fix.)($/lb) Average17.68 2019-10-21- 2019-10-1817.75 2019-10-17- 2019-10-1617.7 2019-10-15- 2019-10-14- 2019-10-1117.7 2019-10-10- 2019-10-0917.7 2019-10-08- 2019-10-07- 2019-10-0417.65 2019-10-03- 2019-10-0217.6 2019-10-01-

Platinum

Date(Fix.)AM
($/oz)
MEAN
($/oz)
PM
($/oz)
Average 885.5 885.93 886.36 2019-10-21 - - - 2019-10-18 883 884.5 886 2019-10-17 882 884 886 2019-10-16 885 886.5 888 2019-10-15 892 891.5 891 2019-10-14 891 894.5 898 2019-10-11 902 895 888 2019-10-10 890 890.5 891 2019-10-09 887 885 883 2019-10-08 881 884 887 2019-10-07 875 880 885 2019-10-04 884 878.5 873 2019-10-03 890 891.5 893 2019-10-02 874 876.5 879 2019-10-01 881 881 881

Palladium

Date(Fix.)AM
($/oz)
MEAN
($/oz)
PM
($/oz)
Average 1692 1695.22 1698.43 2019-10-21 - - - 2019-10-18 1754 1758.5 1763 2019-10-17 1769 1765.5 1762 2019-10-16 1742 1752.5 1763 2019-10-15 1726 1733.5 1741 2019-10-14 1701 1699 1697 2019-10-11 1706 1703 1700 2019-10-10 1684 1689 1694 2019-10-09 1659 1673 1687 2019-10-08 1629 1635.5 1642 2019-10-07 1652 1657 1662 2019-10-04 1661 1661 1661 2019-10-03 1693 1681.5 1670 2019-10-02 1645 1660.5 1676 2019-10-01 1667 1663.5 1660

Overview (August 2019)

Policy uncertainty at the highest levels of the world's leading governments seems to be slowly strangling the global economy. Business confidence is low and judging by the comments emanating from the central bankers' symposium at Jackson Hole in late-August, the world’s top bankers are at odds about how to tackle the situation. While central bankers have started to ease monetary policy to reduce stress in the global financial system, their actions are only likely to offer temporary pain relief but will not correct the problem. Equity markets, unlike industrial commodity markets, initially lapped up the easier monetary policy stance and rallied accordingly, setting fresh highs as recently as mid-July, but more recently equity markets have suffered some sharp sell-offs that suggests more investors may be worried about where the trade war(s) will end. Most base metals prices are at multi-month lows, this despite forecasts for supply deficits this year and generally low stocks. But, the combination of concern over the demand outlook and the tendency to destock, or live hand-to-mouth, when prices are declining means buying pressure is low. One strong exception to this trend is Nickel that is currently being traded at a five year high after Indonesia, the world’s largest Nickel ore producer, announced a ban on exports of ore from December 2019. The ban was earlier set to come into force from 2022 as the country planned to attract more investment in domestic processing facilities instead of exporting the ore. After the announcement Nickel price soared to $17,800 per ton, its highest since September 2014.
While base metals prices are generally trading sideways-to-lower, which suggests they have found a floor, there is nothing to stop prices falling further if the financial climate deteriorates further. The deleveraging sell-off during the financial crisis in 2008, sent prices well below where support was expected. For copper, support was expected at around $5,500 per tonne, in the end, prices fell to a low of $2,825 per tonne. Not that we expect history to repeat itself, but it is worth remembering how ruthless markets can be. The run-up in gold prices and the yen, combined with downward spiralling ten-year US treasury and German bund yields, which are both in negative territory in real terms (adjusting for inflation) means more and more investors are preparing for the worse and given economic data that is not too surprising. China's National Bureau of Statistics showed that industrial output rose by 4.8 per cent in July, it's weakest rate since February 2002 and manufacturing declined 1.7 per cent in July, compared with June. In Germany, second-quarter growth dipped by 0.1 per cent, this compared to 0.4 per cent growth in the first quarter. In India, GDP growth fell to a six-year low at 5% causing a series of announcements by the Government in a desperate attempt to control the situation. The first reading of US second-quarter GDP showed growth of 2.1 per cent, this was down from first-quarter growth of 3.2 per cent. While Trump seems to be running amok as he tries to get a fairer trade deal for the US and his America First policy. While the world economic outlook is looking depressed, the outlook could improve in a flash, given Trump’s style of decision making. A new trade deal would likely send base metals prices soaring as supply tightness would probably struggle to facilitate a pick-up in demand and restocking.