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Prices & Review

Daily price | 2019-08

Copper

Date(Fix.)($/MT) Average5714.85 2019-08-235675 2019-08-225668 2019-08-215696.5 2019-08-205698 2019-08-195755.5 2019-08-165710 2019-08-155696.5 2019-08-145732 2019-08-135697 2019-08-125724.5 2019-08-095744 2019-08-085723 2019-08-075673.5 2019-08-065667 2019-08-055647 2019-08-025769 2019-08-015876

Lead

Date(Fix.)($/MT) Average2036.03 2019-08-232068 2019-08-222068 2019-08-212085 2019-08-202046 2019-08-192031.5 2019-08-162050 2019-08-152045 2019-08-142040.5 2019-08-132044 2019-08-122103.5 2019-08-092086 2019-08-082070 2019-08-072004.5 2019-08-062007 2019-08-051939 2019-08-021950.5 2019-08-011974

Nickel

Date(Fix.)($/MT) Average15483.24 2019-08-2315780 2019-08-2215780 2019-08-2115755 2019-08-2015860 2019-08-1916005 2019-08-1616090 2019-08-1515990 2019-08-1416050 2019-08-1315725 2019-08-1215635 2019-08-0915620 2019-08-0815495 2019-08-0714740 2019-08-0615020 2019-08-0514860 2019-08-0214520 2019-08-0114290

Gold

Date(Fix.)AM
($/oz)
MEAN
($/oz)
PM
($/oz)
Average 1487.93 1488.73 1489.52 2019-08-23 2019-08-22 1498.7 1500.38 1502.05 2019-08-21 1499.65 1501.45 1503.25 2019-08-20 1502.65 1503.6 1504.55 2019-08-19 1499.35 1497.98 1496.6 2019-08-16 1509.05 1512.15 1515.25 2019-08-15 1517.65 1516.65 1515.65 2019-08-14 1500.35 1506.8 1513.25 2019-08-13 1527.2 1512.8 1498.4 2019-08-12 1501.95 1503.33 1504.7 2019-08-09 1503.5 1500.6 1497.7 2019-08-08 1497.4 1496.58 1495.75 2019-08-07 1487.65 1496.85 1506.05 2019-08-06 1461.85 1463.55 1465.25 2019-08-05 1457.45 1461.35 1465.25 2019-08-02 1436.05 1438.9 1441.75 2019-08-01 1406.4 1406.6 1406.8

Silver

Date(Fix.)($/oz) Average16.87 2019-08-23- 2019-08-2216.96 2019-08-2117.11 2019-08-2017.02 2019-08-1916.925 2019-08-1617.16 2019-08-1517.29 2019-08-1417.115 2019-08-1317.445 2019-08-1216.955 2019-08-0917 2019-08-0817.02 2019-08-0716.82 2019-08-0616.385 2019-08-0516.485 2019-08-0216.195 2019-08-0116.005

Tin

Date(Fix.)($/MT) Average16767.94 2019-08-2316050 2019-08-2215900 2019-08-2116175 2019-08-2016425 2019-08-1916390 2019-08-1616805 2019-08-1516880 2019-08-1417075 2019-08-1316950 2019-08-1217025 2019-08-0916900 2019-08-0816950 2019-08-0717025 2019-08-0617100 2019-08-0516830 2019-08-0217300 2019-08-0117275

Zinc

Date(Fix.)($/MT) Average2276.59 2019-08-232247 2019-08-222247 2019-08-212257 2019-08-202226 2019-08-192238 2019-08-162264.5 2019-08-152262 2019-08-142269 2019-08-132263 2019-08-122239 2019-08-092262.5 2019-08-082272 2019-08-072258 2019-08-062328 2019-08-052321 2019-08-022352 2019-08-012396

Cobalt(Standard Grade MB free market low quotation)

Date(Fix.)($/lb) Average13.53 2019-08-23- 2019-08-22- 2019-08-21- 2019-08-20- 2019-08-19- 2019-08-1615.5 2019-08-15- 2019-08-1414.65 2019-08-13- 2019-08-12- 2019-08-0913.05 2019-08-08- 2019-08-0712.25 2019-08-06- 2019-08-05- 2019-08-0212.2 2019-08-01-

Platinum

Date(Fix.)AM
($/oz)
MEAN
($/oz)
PM
($/oz)
Average 850.81 850.16 849.5 2019-08-23 - - - 2019-08-22 850 852.5 855 2019-08-21 844 848.5 853 2019-08-20 854 850.5 847 2019-08-19 844 844.5 845 2019-08-16 834 833.5 833 2019-08-15 840 838.5 837 2019-08-14 849 850 851 2019-08-13 865 861 857 2019-08-12 855 856 857 2019-08-09 863 863 863 2019-08-08 857 853.5 850 2019-08-07 854 852.5 851 2019-08-06 855 853.5 852 2019-08-05 852 854 856 2019-08-02 845 843 841 2019-08-01 852 848 844

Palladium

Date(Fix.)AM
($/oz)
MEAN
($/oz)
PM
($/oz)
Average 1446.06 1444.6 1443.13 2019-08-23 - - - 2019-08-22 1467 1472.5 1478 2019-08-21 1492 1491.5 1491 2019-08-20 1484 1488.5 1493 2019-08-19 1455 1457.5 1460 2019-08-16 1447 1452.5 1458 2019-08-15 1431 1437 1443 2019-08-14 1443 1438.5 1434 2019-08-13 1440 1431.5 1423 2019-08-12 1424 1426.5 1429 2019-08-09 1429 1430.5 1432 2019-08-08 1416 1418 1420 2019-08-07 1429 1418 1407 2019-08-06 1433 1438.5 1444 2019-08-05 1412 1425 1438 2019-08-02 1421 1405 1389 2019-08-01 1514 1482.5 1451

Overview (July 2019)

The global economic and geopolitical pictures remain largely unchanged, although aspects of them have become more polar-ised with increased tensions over Iran increasing the potential threat of an oil shock. Conversely, record setting equity markets suggest high levels of investor confidence, at least on the surface. That said, the lofty equity valuations seem at odds with the dete-riorating global economic data and that could turn into a prob-lem for the market if equity indices start to correction. The fact European Central Bank president Mario Draghi said at his recent press conference “the outlook is getting worse and worse in manufacturing especially” and a “rebound in second half becom-ing less likely”, do not bode well. Draghi also change the ECB’s forward guidance to say rates were to remain at their present or lower levels at least through the first half of 2020, thereby prepar-ing the market for a likely rate cut later in the year.
Christine Lagarde, head of International Monetary Fund, announced that she will step down as managing director of IMF managing director 12 September, ahead of a decision on her nomination as head of the European Central Bank (ECB). Ms. Lagarde has been chief of the IMF since 2011, and would be the first female ECB leader if the European Council approves her ECB nomination. The IMF, worried with tensions related to trade and technology, cut its global-economy growth forecasts for this year and 2020. It predicted growth of 3.2 percent in 2019 against its April forecast of 3.3 percent. Growth in 2020 is ex-pected to rise to 3.5 percent against its previous forecast of 3.6-percent. With a US interest rate cut of 25 bps, it does look as though mature economies are preparing to provide more stimu-lus. The combination of cheap money and prospects for stimulus are no doubt some of the reasons behind strong equity prices and as such high equity prices could be misleading investors into a false sense of security. Interestingly the base metals markets are not being duped by the dovish monetary situation, with the LME Index at 2,853, near the bottom of its 2018-to-present range that lies between 2,733 and 3,436. More to the point, the rise in gold prices to multi-year highs shows some investors are increasing their exposure to gold as an insurance against markets turning sour. The weakness in Europe, the negative bond yields, combined with the re-emergence of Brexit concerns, following Boris Johnson becoming UK Prime Minister, are weighing on European currencies (euro 1.1170 sterling 1.2490), while the US ten-year treasury that is yielding 2 percent, is underpinning a stronger dollar, with the dollar index at 97.75, compared with a May-July range of 95.84 to 98.38.
The Brent crude oil price was recently at $63.80 per barrel, up from around $60 in mid-June, given the raise in tension over Iran flexing its muscle in the Strait of Hormuz, through which it is estimated that 35% of the world’s seaborne oil passes, or 16% of global oil supply, it is surprising that prices are not higher. The market seems to have become complacent that a trade deal is likely to be a long way off, but with senior US trade officials travelling to China in late July, the situation is fluid.