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Prices & Review

Daily price | 2021-02

Copper

Date(Fix.)($/MT) Average8460.25 2021-02-269172.5 2021-02-259614.5 2021-02-249286 2021-02-239158 2021-02-229067.5 2021-02-198806.5 2021-02-188650 2021-02-178413.5 2021-02-168439.5 2021-02-158416.5 2021-02-128270.5 2021-02-118292 2021-02-108279.5 2021-02-098146.5 2021-02-088007 2021-02-057936.5 2021-02-047833.5 2021-02-037832.5 2021-02-027755.5 2021-02-017827

Lead

Date(Fix.)($/MT) Average2085.75 2021-02-262107 2021-02-252158.5 2021-02-242103.5 2021-02-232129 2021-02-222152 2021-02-192122 2021-02-182132 2021-02-172097 2021-02-162111.5 2021-02-152109.5 2021-02-122116.5 2021-02-112080 2021-02-102082 2021-02-092080.5 2021-02-082052.5 2021-02-052030.5 2021-02-042010 2021-02-032008 2021-02-022008.5 2021-02-012024.5

Nickel

Date(Fix.)($/MT) Average18568.05 2021-02-2618607 2021-02-2519568 2021-02-2419352 2021-02-2319226 2021-02-2219689 2021-02-1919496 2021-02-1818966 2021-02-1718704 2021-02-1618615 2021-02-1518612 2021-02-1218363 2021-02-1118599 2021-02-1018484 2021-02-0918338 2021-02-0818067 2021-02-0517954 2021-02-0417535 2021-02-0317623 2021-02-0217756 2021-02-0117807

Gold

Date(Fix.)AM
($/oz)
MEAN
($/oz)
PM
($/oz)
Average 1816.58 1814.1 1811.61 2021-02-26 0 - 2021-02-25 1792.1 1785.88 1779.65 2021-02-24 1807.25 1797.63 1788 2021-02-23 1809.5 1804.58 1799.65 2021-02-22 1798.8 1803.13 1807.45 2021-02-19 1773.75 1779.98 1786.2 2021-02-18 1782.8 1777.98 1773.15 2021-02-17 1788.85 1784.78 1780.7 2021-02-16 1823.45 1808.85 1794.25 2021-02-15 1817.45 1817.38 1817.3 2021-02-12 1818 1817.18 1816.35 2021-02-11 1841.7 1840.9 1840.1 2021-02-10 1843.45 1843.05 1842.65 2021-02-09 1846.55 1843.08 1839.6 2021-02-08 1811.65 1823.45 1835.25 2021-02-05 1808.55 1805.75 1802.95 2021-02-04 1811.55 1798.73 1785.9 2021-02-03 1834.7 1835.08 1835.45 2021-02-02 1847.1 1840.1 1833.1 2021-02-01 1857.8 1860.38 1862.95

Silver

Date(Fix.)($/oz) Average27.39 2021-02-26- 2021-02-2527.925 2021-02-2427.745 2021-02-2327.965 2021-02-2227.445 2021-02-1926.95 2021-02-1827.165 2021-02-1727.115 2021-02-1627.575 2021-02-1527.57 2021-02-1227.07 2021-02-1127.125 2021-02-1027.23 2021-02-0927.635 2021-02-0827.18 2021-02-0526.53 2021-02-0426.4 2021-02-0326.8 2021-02-0227.325 2021-02-0129.585

Tin

Date(Fix.)($/MT) Average26717.3 2021-02-2627500 2021-02-2529560 2021-02-2428515 2021-02-2329485 2021-02-2229540 2021-02-1929349 2021-02-1828162 2021-02-1728710 2021-02-1627760 2021-02-1528899 2021-02-1225290 2021-02-1125568 2021-02-1025458 2021-02-0924300 2021-02-0824100 2021-02-0523985 2021-02-0424240 2021-02-0324600 2021-02-0225000 2021-02-0124325

Zinc

Date(Fix.)($/MT) Average2743.2 2021-02-262821 2021-02-252894.5 2021-02-242822.5 2021-02-232859.5 2021-02-222889.5 2021-02-192864 2021-02-182837 2021-02-172810 2021-02-162819 2021-02-152813.5 2021-02-122793.5 2021-02-112726 2021-02-102702 2021-02-092662.5 2021-02-082640.5 2021-02-052636.5 2021-02-042600 2021-02-032585 2021-02-022539 2021-02-012548.5

Cobalt(Standard Grade MB free market low quotation)

Date(Fix.)($/lb) Average22.38 2021-02-2624.55 2021-02-2524.35 2021-02-2423.95 2021-02-2323.65 2021-02-2223.5 2021-02-1923 2021-02-1822.95 2021-02-1722.9 2021-02-1622.75 2021-02-1522.75 2021-02-1222.5 2021-02-1122.25 2021-02-1022 2021-02-0922 2021-02-0821.75 2021-02-0521.75 2021-02-0421 2021-02-0320.5 2021-02-0220 2021-02-0119.4

Platinum

Date(Fix.)AM
($/oz)
MEAN
($/oz)
PM
($/oz)
Average 1206.74 1206.79 1206.84 2021-02-26 - 0 - 2021-02-25 1253 1250.5 1248 2021-02-24 1263 1252.5 1242 2021-02-23 1249 1250 1251 2021-02-22 1272 1270 1268 2021-02-19 1271 1282.5 1294 2021-02-18 1267 1266.5 1266 2021-02-17 1228 1233.5 1239 2021-02-16 1306 1285.5 1265 2021-02-15 1284 1286 1288 2021-02-12 1227 1224 1221 2021-02-11 1253 1244.5 1236 2021-02-10 1215 1227 1239 2021-02-09 1182 1183 1184 2021-02-08 1149 1155 1161 2021-02-05 1113 1117 1121 2021-02-04 1084 1084 1084 2021-02-03 1094 1098.5 1103 2021-02-02 1102 1102 1102 2021-02-01 1116 1117 1118

Palladium

Date(Fix.)AM
($/oz)
MEAN
($/oz)
PM
($/oz)
Average 2346.68 2345.9 2345.11 2021-02-26 - 0 - 2021-02-25 2427 2446 2465 2021-02-24 2367 2353 2339 2021-02-23 2385 2374 2363 2021-02-22 2382 2388.5 2395 2021-02-19 2351 2357 2363 2021-02-18 2375 2372.5 2370 2021-02-17 2370 2371.5 2373 2021-02-16 2393 2377.5 2362 2021-02-15 2403 2397.5 2392 2021-02-12 2352 2353.5 2355 2021-02-11 2369 2361 2353 2021-02-10 2350 2364 2378 2021-02-09 2351 2337 2323 2021-02-08 2348 2347 2346 2021-02-05 2318 2328 2338 2021-02-04 2257 2257.5 2258 2021-02-03 2244 2252 2260 2021-02-02 2267 2262.5 2258 2021-02-01 2278 2272 2266

Overview (January 2021)

While the last three quarters of 2020 were a bull-ish time for base metals, the start of 2021 has seen the focus shine on the battery raw materials, with lithium carbonate and nickel sulphate prices in China and global cobalt metals prices all putting strong performances. The base metals, except for tin and nickel, have been more subdued. Broad market sentiment still seems to be willing to look past the mounting loss of life and ongoing destruction that Covid-19 is still causing, especially to travel, entertainment and retail outlets, and is focused on the recovery that the vaccines will bring increasingly as the year progresses. Many major equity markets set new record highs in January, or the in case of the Nikkei, a 30-year high, with the latest boost coming from US President Joe Biden’s plans for a $1.9 billion relief package.
While it is tempting, as well as responsible, to ask how many more fiscal promises can be baked into these already high market valuations before better times arrive, there has so far been little appetite to sell or sign of increased nervousness. Markets are generally holding up well, and gold is languishing around $1,840 per oz, down from the start of year highs at $1,960 per oz and last August’s record high at $2,074.25 per oz. Likewise, US ten-year treasuries have climbed in January to a high around 1.14 percent (more recently 1.1%), from the end of 2020 levels of 0.91 percent, which is another sign of market confidence (the low last year was around 0.5 percent). It is conceivable that lockdowns could hit industry activity again, while at the same time, the broader and faster spread of the virus could hit mining regions and logistics. The threat of potential supply disruptions does seem to be encouraging supply chains to carry more inventory. Shortages of critical parts are also surfacing, due to the disruption to semiconductor production in the first part of 2020, due to the surge in demand for gaming consoles, laptops, tablets and high-er-tech televisions has come about as a result of more people working from home.
The start of Joe Biden’s presidency should also be a bullish longer-term factor for the metals. In addition to the emergency relief package, Biden will likely push the country’s green agenda, which will speed up the US's electrification, boosting demand for most of the base metals and battery raw materials with it. While the outlook is bullish, save for a potential temporary correction given markets are looking overbought, there are potential headwinds for the markets to contend with. At some stage, governments will have to start rein-ing in ultra-loose monetary policy and stop offering rescue packages, which may lead to market jitters as was seen in May 2013, when the Fed began to wind in its asset purchases, which led to the ‘taper tantrum’ which led to the 2013 to 2015 economic downturn. But, given the pandemic is still raging and many industry sectors have been mauled, it seems unlikely governments will act anytime soon. That said, an official at China’s central bank has recently warned that loose liquidity could inflate an asset bubble and the bank it has started to withdraw some liquidity via its open market operations. The danger of this is that economies might begin to run hot later this year, which could be seen as inflationary, especially if commodity bottleneck also leads to another commodity bull-run.