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Prices & Review

Daily price | 2021-09

Copper

Date(Fix.)($/MT) Average9365.03 2021-09-219106 2021-09-209145.5 2021-09-179435.5 2021-09-169392 2021-09-159488.5 2021-09-149407 2021-09-139627 2021-09-109515 2021-09-099356.5 2021-09-089256 2021-09-079325 2021-09-069401.5 2021-09-039361 2021-09-029347 2021-09-019312

Lead

Date(Fix.)($/MT) Average2302.37 2021-09-212170 2021-09-202170 2021-09-172214 2021-09-162247.5 2021-09-152234.5 2021-09-142272 2021-09-132299 2021-09-102368 2021-09-092324 2021-09-082340 2021-09-072348 2021-09-062374 2021-09-032383 2021-09-022391.5 2021-09-012400

Nickel

Date(Fix.)($/MT) Average19662.33 2021-09-2118910 2021-09-2019080 2021-09-1720060 2021-09-1619530 2021-09-1519850 2021-09-1419640 2021-09-1319930 2021-09-1020375 2021-09-0920240 2021-09-0819725 2021-09-0719555 2021-09-0619640 2021-09-0319494 2021-09-0219365 2021-09-0119541

Gold

Date(Fix.)AM
($/oz)
MEAN
($/oz)
PM
($/oz)
Average 1796.54 1794.2 1791.85 2021-09-21 0 - 2021-09-20 1757.15 1757.45 1757.75 2021-09-17 1766.1 1761.03 1755.95 2021-09-16 1781.45 1764.7 1747.95 2021-09-15 1801.4 1799.18 1796.95 2021-09-14 1788.65 1790.7 1792.75 2021-09-13 1787.85 1790.88 1793.9 2021-09-10 1799.9 1797.25 1794.6 2021-09-09 1795.35 1791.8 1788.25 2021-09-08 1797.95 1791.98 1786 2021-09-07 1810.75 1806.45 1802.15 2021-09-06 1823.85 1822.73 1821.6 2021-09-03 1812.05 1817.88 1823.7 2021-09-02 1815.15 1813.85 1812.55 2021-09-01 1813.9 1812.85 1811.8

Silver

Date(Fix.)($/oz) Average23.82 2021-09-21- 2021-09-2022.395 2021-09-1723.01 2021-09-1623.47 2021-09-1523.835 2021-09-1423.6 2021-09-1323.58 2021-09-1024.025 2021-09-0924.145 2021-09-0824.315 2021-09-0724.245 2021-09-0624.705 2021-09-0324.055 2021-09-0224.165 2021-09-0123.92

Tin

Date(Fix.)($/MT) Average34222.73 2021-09-2135350 2021-09-2034750 2021-09-1735375 2021-09-1634950 2021-09-1534375 2021-09-1434300 2021-09-1334950 2021-09-1034750 2021-09-0933825 2021-09-0832850 2021-09-0733005 2021-09-0633250 2021-09-0333540 2021-09-0233942 2021-09-0134129

Zinc

Date(Fix.)($/MT) Average3035 2021-09-213003 2021-09-203018 2021-09-173110 2021-09-163064 2021-09-153052 2021-09-143015 2021-09-133072.5 2021-09-103089 2021-09-093072 2021-09-083052 2021-09-073020 2021-09-063008 2021-09-032984.5 2021-09-022987.5 2021-09-012977.5

Cobalt(Standard Grade MB free market low quotation)

Date(Fix.)($/lb) Average23.84 2021-09-21- 2021-09-20- 2021-09-1724.45 2021-09-1624.25 2021-09-1524 2021-09-1424 2021-09-1324 2021-09-1024 2021-09-0923.85 2021-09-0823.7 2021-09-0723.65 2021-09-0623.5 2021-09-0323.75 2021-09-0223.4 2021-09-0123.4

Platinum

Date(Fix.)AM
($/oz)
MEAN
($/oz)
PM
($/oz)
Average 978.36 977.58 976.79 2021-09-21 - 0 - 2021-09-20 928 929.5 931 2021-09-17 949 951 953 2021-09-16 942 939.5 937 2021-09-15 935 938 941 2021-09-14 956 953.5 951 2021-09-13 954 956 958 2021-09-10 987 982 977 2021-09-09 983 983.5 984 2021-09-08 1001 999 997 2021-09-07 1014 1012.5 1011 2021-09-06 1029 1023 1017 2021-09-03 1005 1005.5 1006 2021-09-02 1000 1000 1000 2021-09-01 1014 1013 1012

Palladium

Date(Fix.)AM
($/oz)
MEAN
($/oz)
PM
($/oz)
Average 2229.93 2221.65 2213.36 2021-09-21 - 0 - 2021-09-20 1989 1971 1953 2021-09-17 2045 2034 2023 2021-09-16 2032 2031 2030 2021-09-15 1968 1981 1994 2021-09-14 2058 2019 1980 2021-09-13 2138 2144 2150 2021-09-10 2216 2207.5 2199 2021-09-09 2255 2247 2239 2021-09-08 2357 2352 2347 2021-09-07 2396 2391.5 2387 2021-09-06 2426 2410 2394 2021-09-03 2416 2411.5 2407 2021-09-02 2444 2429 2414 2021-09-01 2479 2474.5 2470

Overview (August 2021)

Markets have generally been holding up in high ground over the summer months. The US and some European equity indices have edged higher to set fresh record highs. Metals prices have been oscillating side-ways at elevated levels. Gold prices have tended to lose ground, and the US dollar has been trending higher, suggesting investors are quietly confident despite the many challenges the world faces. The spread of the Delta variant of Covid-19 has further caused supply chain disruption, with Vietnam particularly hard hit, which is further disrupting and delaying shipping and causing congestion at many ports, especially in China. Geopolitical tensions and uncertainty have arisen with the chaotic American exit of Afghanistan that has left the Taliban with billions of dollars worth of armaments which are likely to only further destabilize the region. The UN’s nuclear watchdog has warned that North Korea appears to have restarted a reactor, suggesting Kim Jung Un maybe once again preparing to test the mettle of the new US President. And, abnormal weather in the Southern Hemisphere has changed weather patterns with snow and frost being seen in Brazil and an extreme drought in Chile, which as well as creating food shortages, which could be inflationary, will be another headache for miners, as their use of water is already in the spotlight.
Annualized sales in July dropped to 14.8 million units, the fourth month-on-month decline since April's 18.5 million figure, and sales in China declined for a third straight month, down 11.9 percent year-on-year. (Europe's ACEA does not publish data in August). As we move into September, we should get a better feel for whether the consolidation in markets was due to the holiday season or whether it is due to the forced slow-down in manufacturing as a result of the supply chain delays. The big picture situation is very complicated at present – markets are waiting to see if central banks start to tighten monetary policy that could start to hit corporate earnings and put the brakes on economic recovery and demand for goods and services. Inflation is picking up. For example, US inflation was 5.4 percent year-on-year in July, compared to 1.4 percent in January. But how transitory will it be? There seems no end in sight to the global shipping disruptions and delays, which is pushing up shipping costs and producer prices – PPI in China and US climbed 9 percent and 7.8 percent year-on-year respectively in July, cross the border and Covid-19 restrictions, not to mention changes after Brexit, are creating labor shortages that are evident all around and that is likely to lead to wage inflation, so inflation may not be as transitory as governments would have us believe. The University of Michigan's inflation expectations for the year ahead climbed to 4.6 percent in July from a range of between 2.2 and 3 percent between 2015 and the end of 2019. But, perhaps a period of inflation will be welcomed by governments if it reduces their debt burden, but being easy on inflation, while tempting, maybe a slippery slope as once inflation gets going, it is hard to stop. But, conversely, un-winding ultra-loose monetary policy will be fraught with risk – given the vast and costly government response to Covid-19, governments can ill afford to get their return-to-normal policies wrong. For now, markets seem to be buoyant but stable.