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Prices & Review

Daily price | 2019-12

Copper

Date(Fix.)($/MT) Average5917 2019-12-116083 2019-12-106055 2019-12-095985 2019-12-065867.5 2019-12-055855 2019-12-045823 2019-12-035812 2019-12-025855.5

Lead

Date(Fix.)($/MT) Average1891.44 2019-12-111903 2019-12-101893 2019-12-091866 2019-12-061881 2019-12-051893 2019-12-041900 2019-12-031883.5 2019-12-021912

Nickel

Date(Fix.)($/MT) Average13358.13 2019-12-1113535 2019-12-1013070 2019-12-0913200 2019-12-0613420 2019-12-0513165 2019-12-0413250 2019-12-0313600 2019-12-0213625

Gold

Date(Fix.)AM
($/oz)
MEAN
($/oz)
PM
($/oz)
Average 1468.75 1468.36 1467.97 2019-12-11 2019-12-10 1464.45 1464.7 1464.95 2019-12-09 1463.6 1462.65 1461.7 2019-12-06 1474.85 1467.25 1459.65 2019-12-05 1474.6 1475.28 1475.95 2019-12-04 1475.85 1475.48 1475.1 2019-12-03 1470.4 1473.85 1477.3 2019-12-02 1457.5 1459.33 1461.15

Silver

Date(Fix.)($/oz) Average16.87 2019-12-11- 2019-12-1016.675 2019-12-0916.62 2019-12-0616.94 2019-12-0516.87 2019-12-0417.13 2019-12-0317.01 2019-12-0216.875

Tin

Date(Fix.)($/MT) Average16967.5 2019-12-1117425 2019-12-1017320 2019-12-0917120 2019-12-0616875 2019-12-0516900 2019-12-0416850 2019-12-0316750 2019-12-0216500

Zinc

Date(Fix.)($/MT) Average2243.19 2019-12-112222 2019-12-102222 2019-12-092233 2019-12-062250 2019-12-052255 2019-12-042256.5 2019-12-032221.5 2019-12-022285.5

Cobalt(Standard Grade MB free market low quotation)

Date(Fix.)($/lb) Average15.75 2019-12-11- 2019-12-10- 2019-12-09- 2019-12-0615.75 2019-12-05- 2019-12-0415.75 2019-12-03- 2019-12-02-

Platinum

Date(Fix.)AM
($/oz)
MEAN
($/oz)
PM
($/oz)
Average 897.43 899.22 901 2019-12-11 - - - 2019-12-10 902 910 918 2019-12-09 890 894 898 2019-12-06 897 897.5 898 2019-12-05 889 889 889 2019-12-04 908 908 908 2019-12-03 901 900 899 2019-12-02 895 896 897

Palladium

Date(Fix.)AM
($/oz)
MEAN
($/oz)
PM
($/oz)
Average 1863.71 1865.93 1868.14 2019-12-11 - - - 2019-12-10 1880 1888.5 1897 2019-12-09 1877 1884 1891 2019-12-06 1868 1870 1872 2019-12-05 1860 1855 1850 2019-12-04 1859 1859.5 1860 2019-12-03 1861 1855 1849 2019-12-02 1841 1849.5 1858

Overview (November 2019)

While equities are buoyant, broad markets generally continued to react the news flow emanating from US-China trade talks in November, but while equities started to react as if a phase one trade deal was immi-nent; the base metals have been more reserved. In-deed, by mid-month, the base metals seem to be suf-fering from trade talk fatigue, while US equities ap-peared to be anticipating a trade deal and were re-peatedly setting fresh record highs. On a closing basis, the Dow Jones Industrial Average has been as high as 28,121, up from 27,046 at the end of October. Equities may, however, be running ahead of events. The Or-ganisation for Economic Cooperation and Develop-ment (OECD) warned that the global economy is growing at the slowest pace since the financial crisis as governments leave it to central banks to revive in-vestment. It trimmed its forecast for global growth to 2.9 percent for this year and next, its earlier forecast for 2020 was 3 percent. It warned China would keep losing momentum, with the growth of 5.7% expected in 2020 and 5.5% in 2021 in the face of trade tensions and a gradual rebalancing of activity away from ex-ports to the domestic economy.
Comments from China and the US about the trade deal did make progress in late November when the Chinese said it would implement certain intellec-tual property protections, something US negotiators have been keen to secure. This news was strong enough to give base metals a lift as it suggested real progress. But ominously, Chinese President Xi Jinping said China wants to reach an interim trade deal but "on the basis of mutual respect and equality." And around the same time, President Donald Trump said the two sides were in the "final throes" of negotiating an agreement. "It’s going very well but at the same time we want to see it go well in Hong Kong…”.
For now, the combination of bullish equities and a more hawkish Federal Reserve going forward, has taken the wind out of gold’s sails, with prices retreating to $1,446 per oz in mid-November, from $1,512 per oz in late-October. The Fed cut interest rates by 25 basis points in late-October, but then implied the bank would hold off on further cuts. The less hawkish Fed stance has boosted the dollar with the dollar index back at 98.4 and looking to break higher. In line with the weaker gold price, the Japanese yen has also weak-ened, it was recently trading at 109, up from107.80 in late October. The euro is also weaker at 1.0990. But not all havens have weakened, key government 10-year bond yields are little changed from where they were in late-October. The US 10-year treasury yield was recently around 1.76 percent, compared to 1.79 per-cent a month earlier and the German 10-year bund yield was -0.35 percent, compared with -0.37 percent over the same period. While equities suggest the finan-cial markets are robust, in reality, they are on a bit of a knife-edge. Economic data remains weak, the outlook is mixed, a trade deal has not been signed and we have been here before only to suffer setbacks. This suggests that perhaps the base metals have a more realistic grasp of the situation than equities and this might be why government bond yields have not climbed higher. Oil prices are also climbing, with spot Brent crude at $64 per barrel, up 14 percent from lows around $56 in early-October, this is another sign perhaps that the market expects better economic times ahead. All in all and more than ever, it looks like a trade deal is needed, further disappointment could spook markets, especially equities.