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Prices & Review

Daily price | 2019-07

Copper

Date(Fix.)($/MT) Average5930.91 2019-07-226007.5 2019-07-196066 2019-07-185948 2019-07-175922 2019-07-165959 2019-07-155997.5 2019-07-125950 2019-07-115925 2019-07-105862.5 2019-07-095805 2019-07-085912 2019-07-055857 2019-07-045900 2019-07-035874 2019-07-025910 2019-07-015999

Lead

Date(Fix.)($/MT) Average1943.53 2019-07-222001 2019-07-192071.5 2019-07-182020 2019-07-171977.5 2019-07-161977.5 2019-07-151974.5 2019-07-121972 2019-07-111950 2019-07-101955 2019-07-091901.5 2019-07-081884 2019-07-051863 2019-07-041875.5 2019-07-031874 2019-07-021877 2019-07-011922.5

Nickel

Date(Fix.)($/MT) Average13140.31 2019-07-2214310 2019-07-1914425 2019-07-1814685 2019-07-1714230 2019-07-1613920 2019-07-1513350 2019-07-1213205 2019-07-1113090 2019-07-1012790 2019-07-0912560 2019-07-0812525 2019-07-0512300 2019-07-0412305 2019-07-0312185 2019-07-0212025 2019-07-0112340

Gold

Date(Fix.)AM
($/oz)
MEAN
($/oz)
PM
($/oz)
Average 1410.65 1409.61 1408.56 2019-07-22 1424.45 1426.1 1427.75 2019-07-19 1437.05 1438.38 1439.7 2019-07-18 1420.9 1419.18 1417.45 2019-07-17 1400.8 1405.58 1410.35 2019-07-16 1416.1 1412.98 1409.85 2019-07-15 1416.25 1414.33 1412.4 2019-07-12 1405.6 1406.6 1407.6 2019-07-11 1423.1 1418.43 1413.75 2019-07-10 1395.45 1401.88 1408.3 2019-07-09 1387.9 1389.73 1391.55 2019-07-08 1404.9 1402.5 1400.1 2019-07-05 1414.4 1401.53 1388.65 2019-07-04 1415.25 1415.08 1414.9 2019-07-03 1425.1 1419.3 1413.5 2019-07-02 1393.1 1392.08 1391.05 2019-07-01 1390.05 1390.08 1390.1

Silver

Date(Fix.)($/oz) Average15.43 2019-07-2216.385 2019-07-1916.315 2019-07-1816.03 2019-07-1715.61 2019-07-1615.395 2019-07-1515.32 2019-07-1215.14 2019-07-1115.265 2019-07-1015.095 2019-07-0915.025 2019-07-0815.07 2019-07-0515.21 2019-07-0415.28 2019-07-0315.31 2019-07-0215.17 2019-07-0115.26

Tin

Date(Fix.)($/MT) Average18160 2019-07-2217820 2019-07-1917780 2019-07-1817850 2019-07-1717805 2019-07-1617990 2019-07-1518010 2019-07-1218200 2019-07-1117900 2019-07-1018050 2019-07-0918305 2019-07-0818425 2019-07-0518350 2019-07-0418550 2019-07-0318125 2019-07-0218500 2019-07-0118900

Zinc

Date(Fix.)($/MT) Average2441.22 2019-07-222398.5 2019-07-192427 2019-07-182477 2019-07-172469.5 2019-07-162463 2019-07-152461 2019-07-122426.5 2019-07-112404 2019-07-102381 2019-07-092372 2019-07-082392 2019-07-052404 2019-07-042440 2019-07-032507 2019-07-022491 2019-07-012546

Cobalt(Standard Grade MB free market low quotation)

Date(Fix.)($/lb) Average12.78 2019-07-22- 2019-07-1912.55 2019-07-18- 2019-07-1712.55 2019-07-16- 2019-07-15- 2019-07-1212.65 2019-07-11- 2019-07-1012.75 2019-07-09- 2019-07-08- 2019-07-0513.05 2019-07-04- 2019-07-0313.15 2019-07-02- 2019-07-01-

Platinum

Date(Fix.)AM
($/oz)
MEAN
($/oz)
PM
($/oz)
Average 832.94 832.85 832.75 2019-07-22 849 849 849 2019-07-19 857 855.5 854 2019-07-18 849 846.5 844 2019-07-17 835 836 837 2019-07-16 843 843.5 844 2019-07-15 839 841 843 2019-07-12 824 821 818 2019-07-11 830 827.5 825 2019-07-10 813 818 823 2019-07-09 808 808.5 809 2019-07-08 813 812 811 2019-07-05 832 828.5 825 2019-07-04 836 836 836 2019-07-03 831 832 833 2019-07-02 835 832.5 830 2019-07-01 833 838 843

Palladium

Date(Fix.)AM
($/oz)
MEAN
($/oz)
PM
($/oz)
Average 1550.69 1551.25 1551.81 2019-07-22 1500 1499 1498 2019-07-19 1522 1528 1534 2019-07-18 1533 1525.5 1518 2019-07-17 1520 1530 1540 2019-07-16 1552 1552 1552 2019-07-15 1560 1562 1564 2019-07-12 1557 1555.5 1554 2019-07-11 1601 1589 1577 2019-07-10 1550 1565 1580 2019-07-09 1554 1554.5 1555 2019-07-08 1571 1569 1567 2019-07-05 1567 1570.5 1574 2019-07-04 1563 1560 1557 2019-07-03 1559 1558 1557 2019-07-02 1551 1550.5 1550 2019-07-01 1551 1551.5 1552

Overview (June 2019)

Continuing concern that the race was being lost between the ongoing US-China trade dispute pushing major economies into recession and a trade deal that would revive the global economy, weighed on sentiment for most of June. Flash manufacturing purchasing managers’ indices (PMI) for June, Japan’s (49.5) and Europe’s (47.8), showed manufacturing in contraction and US (50.1, down from 50.5) heading that way. Stock markets have at times shown significant strength as they have picked up on central banks’ stress that may prompt a return to easier monetary policy, but seem unconcerned by the fact that central banks are only thinking of easing as they are worried about the state of their economies. In this climate, it is not surprising that industrial metals’ prices have generally continued to trade sideways-to-lower, even though many of the metals’ supply fundamentals are quite tight. Another sign of financial and market stress has been the strong rally in gold prices, the strength of the yen and the fall in bond yields – all signs of risk-off and of investors looking for safe-havens.
The ECB started the dovish commentary, with ECB President Mario Draghi saying it could cut interest rates again or con-duct more asset purchases if inflation does not meet its target. That sent global bond yields tumbling, with the German 10-year bund yield falling to an all-time low of negative 0.32% and the French 10-year to its first negative yield ever. The US Federal Reserve followed suit, opening the way for a rate cut as early as July. The US ten-year treasury yield fell below two percent, the lowest it has been since 2016. The dollar has also weakened on the latest Fed stance, with the euro rebounding to 1.1400 against the dollar, from 1.1108 in late-May. The more dovish central banks’ stances have lifted equities, the Dow Jones Industrial Average has climbed 7.8 percent to 26,753, from 24,815 at the end of May, basis closing prices, and the Euro Stoxx 50 has climbed 5.7 percent over the same period.
However, it seems that the metals only started to rebound when US President Donald Trump said he would be meeting China’s President Xi Jinping at the G20 Summit in Japan on June 28-29 and the market has taken that to mean that officials have once again made progress on trade talks. While both countries have agreed to restart the discussions, any new trade deal could see business sentiment turn round sharply as the trade dispute has dragged on for about a year with potential deals repeatedly scuppered at the eleventh hour. While we expect the market will wait to see a deal signed before reacting, in case it get kicked down the road again, a new deal could catch much of the supply chain with low stocks that in turn could lead to a scramble to restock. This could then bring to light just how tight supply side fundamentals are for the metals, especially as stocks are generally low too. Needless to say, if a trade deal is not forthcoming soon, then the market is likely to react negatively and the same is likely if the Federal Open Market Committee (FOMC) decides against cutting interest rates at its July meeting. Although if a new trade deal is in place before the FOMC next meets then there may be less call for a rate cut.
The geopolitical temperature has also picked up following the attack on oil tankers in the Straits of Hormuz, which has increased tension between the US and Iran. This has been another factor fueling gold prices as well as oil, although the latter has reacted less than expected. Spot Brent crude oil prices have rallied to $65.77 per barrel, from a low of $59.42 in early June, but they remain well below this year’s high of $75.58. Interestingly, it has long been felt that an attack on oil tankers in the Straits of Hormuz would spark a massive crisis, but this has not been the case, at least not yet, and this is another sign that the market is worried about the weak outlook for the global economy. Brexit talks are on hold as the UK Conservative party is deciding who will be the next leader, which should be declared on 22nd July. Brexit talks with Europe are then expected to take centre stage again, which could be a further headwind for the outlook for European economies.