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Prices & Review

Daily price | 2021-07

Copper

Date(Fix.)($/MT) Average9418.64 2021-07-299781 2021-07-289697 2021-07-279709 2021-07-269580 2021-07-239433.5 2021-07-229382.5 2021-07-219271.5 2021-07-209211 2021-07-199264.5 2021-07-169396.5 2021-07-159347 2021-07-149309 2021-07-139310 2021-07-129347 2021-07-099437.5 2021-07-089264.5 2021-07-079451.5 2021-07-069528 2021-07-059432 2021-07-029296.5 2021-07-019342

Lead

Date(Fix.)($/MT) Average2332.83 2021-07-292396 2021-07-282369.5 2021-07-272385 2021-07-262424.5 2021-07-232416 2021-07-222386.5 2021-07-212341.5 2021-07-202320 2021-07-192278.5 2021-07-162326.5 2021-07-152310 2021-07-142301 2021-07-132302.5 2021-07-122315 2021-07-092342.5 2021-07-082283 2021-07-072306.5 2021-07-062320.5 2021-07-052329.5 2021-07-022293 2021-07-012242

Nickel

Date(Fix.)($/MT) Average18765.86 2021-07-2919769 2021-07-2819583 2021-07-2719368 2021-07-2619482 2021-07-2319267 2021-07-2218870 2021-07-2118382 2021-07-2018570 2021-07-1918866 2021-07-1618895 2021-07-1518695 2021-07-1418689 2021-07-1318785 2021-07-1218566 2021-07-0918673 2021-07-0818180 2021-07-0718309 2021-07-0618541 2021-07-0518370 2021-07-0218141 2021-07-0118082

Gold

Date(Fix.)AM
($/oz)
MEAN
($/oz)
PM
($/oz)
Average 1804.08 1804.57 1805.05 2021-07-29 0 - 2021-07-28 1799.3 1797.95 1796.6 2021-07-27 1797.15 1798.75 1800.35 2021-07-26 1808.15 1804.18 1800.2 2021-07-23 1803.05 1801.33 1799.6 2021-07-22 1797.4 1798.43 1799.45 2021-07-21 1805.9 1804.03 1802.15 2021-07-20 1815.3 1819.18 1823.05 2021-07-19 1803.25 1809.08 1814.9 2021-07-16 1822 1823.15 1824.3 2021-07-15 1832 1827.88 1823.75 2021-07-14 1813.05 1818.13 1823.2 2021-07-13 1807.85 1810.85 1813.85 2021-07-12 1802.95 1797.68 1792.4 2021-07-09 1803.4 1804.7 1806 2021-07-08 1810.25 1808.98 1807.7 2021-07-07 1804.25 1804.45 1804.65 2021-07-06 1807.8 1808.83 1809.85 2021-07-05 1790.95 1791.15 1791.35 2021-07-02 1783.5 1784.83 1786.15 2021-07-01 1774 1777.75 1781.5

Silver

Date(Fix.)($/oz) Average25.28 2021-07-29- 2021-07-2824.795 2021-07-2725.115 2021-07-2625.365 2021-07-2325.165 2021-07-2215.07 2021-07-2125.105 2021-07-2025.095 2021-07-1925.325 2021-07-1626.105 2021-07-1526.205 2021-07-1426.17 2021-07-1326.105 2021-07-1225.925 2021-07-0926.01 2021-07-0826.105 2021-07-0726.385 2021-07-0626.61 2021-07-0526.545 2021-07-0226.17 2021-07-0126.26

Tin

Date(Fix.)($/MT) Average34098.14 2021-07-2935732 2021-07-2835671 2021-07-2735760 2021-07-2635671 2021-07-2335101 2021-07-2234750 2021-07-2134601 2021-07-2034767 2021-07-1934610 2021-07-1634177 2021-07-1533917 2021-07-1433639 2021-07-1333550 2021-07-1233510 2021-07-0933076 2021-07-0832666 2021-07-0732999 2021-07-0632758 2021-07-0533370 2021-07-0232946 2021-07-0132790

Zinc

Date(Fix.)($/MT) Average2938.4 2021-07-292984.5 2021-07-282951.5 2021-07-272948 2021-07-262946 2021-07-232944 2021-07-222920.5 2021-07-212922.5 2021-07-202935.5 2021-07-192937 2021-07-162966 2021-07-152932.5 2021-07-142927.5 2021-07-132919.5 2021-07-122919.5 2021-07-092955 2021-07-082912 2021-07-072944 2021-07-062949.5 2021-07-052938 2021-07-022917 2021-07-012936.5

Cobalt(Standard Grade MB free market low quotation)

Date(Fix.)($/lb) Average23.94 2021-07-29- 2021-07-28- 2021-07-27- 2021-07-26- 2021-07-23- 2021-07-22- 2021-07-21- 2021-07-20- 2021-07-19- 2021-07-1624.5 2021-07-1524.4 2021-07-1424.4 2021-07-1324.2 2021-07-1224.2 2021-07-0924.2 2021-07-0824 2021-07-0723.85 2021-07-0623.75 2021-07-0523.6 2021-07-0223.3 2021-07-0122.9

Platinum

Date(Fix.)AM
($/oz)
MEAN
($/oz)
PM
($/oz)
Average 1091.2 1090.53 1089.85 2021-07-29 - 0 - 2021-07-28 1057 1052.5 1048 2021-07-27 1053 1059 1065 2021-07-26 1060 1062.5 1065 2021-07-23 1087 1081 1075 2021-07-22 1080 1079 1078 2021-07-21 1075 1071 1067 2021-07-20 1078 1074.5 1071 2021-07-19 1086 1085 1084 2021-07-16 1136 1135 1134 2021-07-15 1144 1137 1130 2021-07-14 1114 1123 1132 2021-07-13 1118 1111.5 1105 2021-07-12 1095 1100 1105 2021-07-09 1081 1085.5 1090 2021-07-08 1077 1074.5 1072 2021-07-07 1093 1093.5 1094 2021-07-06 1110 1108 1106 2021-07-05 1102 1100.5 1099 2021-07-02 1094 1092.5 1091 2021-07-01 1084 1085 1086

Palladium

Date(Fix.)AM
($/oz)
MEAN
($/oz)
PM
($/oz)
Average 2739.7 2740.28 2740.85 2021-07-29 - 0 - 2021-07-28 2609 2607.5 2606 2021-07-27 2623 2629 2635 2021-07-26 2673 2681.5 2690 2021-07-23 2705 2716.5 2728 2021-07-22 2665 2668 2671 2021-07-21 2663 2658 2653 2021-07-20 2600 2596.5 2593 2021-07-19 2621 2613.5 2606 2021-07-16 2712 2709 2706 2021-07-15 2808 2789 2770 2021-07-14 2824 2831 2838 2021-07-13 2838 2839 2840 2021-07-12 2800 2807.5 2815 2021-07-09 2815 2807.5 2800 2021-07-08 2831 2807.5 2784 2021-07-07 2833 2833 2833 2021-07-06 2839 2854 2869 2021-07-05 2795 2804 2813 2021-07-02 2779 2779 2779 2021-07-01 2761 2774.5 2788

Overview (June 2021)

June has seen markets, in general, become more nervous, although, for most markets, the underlying trends remain intact for now, with the possible exception of gold and, to some extent, the U.S. dollar. The number one factor that has caused an increase in jitteriness concerns that inflation may not be as transitory as the Federal Reserve wants the market to believe. While some Federal Open Market Committee members and the U.S. Treasury Secretary, Janet Yellon, have been saying the Fed should at least start to discuss tapering or talk about raising interest rates, the official stance is that the Fed will remain accommodative until 2023. And, luckily for the Fed, enough of the U.S. employment data, while it has shown healthy improvement, it has not been so strong as to produce an awkward situation for the Fed to defend their stance. The underlying sup-porting themes underpinning commodity prices, even where there are bearish signs, such as rising stocks, is that global trade is still suffering significant logistical tightness, with longer than standard shipping times, a shortage of container availability and sky-high shipping rates. As more economies, especially in the U.S. and Europe, emerge from various stages of lockdown, de-mand is expected to recover, which could put even more pressure on the supply chains, thereby lifting prices further. In some instances, it looks like consumers, who restocked last year, as was seen in China, or earlier this year, are now cutting back purchases as they baulk at paying these high prices. But, this does not mean demand is necessarily weaker. It could be that consumers have opted to rely on their stocks rather than chase prices higher. If this is the case, as we think it is, this destocking is only going to be able to last so long. Combining an end to destocking and more robust demand as economies open up more could produce bullish tailwinds. This is especially so if we are in the early stages of significant global restructure driven by de-globalisation, de-carbonisation, electrification and stimulus measures targeting infrastructure. If all these changes run in parallel and start after a period of low CAPEX since 2012, then the chances of us being in the early stages of a super-cycle seem very likely.
The pullback in gold prices suggests the increase in nervousness is unfounded. Other safe-havens such as the yen and crypto-currencies also have weakened. In contrast, the dollar has started to recover on a combination of short-covering and as the Fed brought forward its expected first rate rise to 2023, from earlier predictions of 2024. U.S. ten-year-treasuries are challenging to read – at 1.49 percent, in from 1.57 percent a month ago. If the most significant fear the market has is the Fed tapering, then if the Fed does sit on its hands until 2023, combined with broader-based recovery from the pandemic, the supply tightness and stimulus measures could produce a Goldilocks set-up for markets. However, before getting too complacent, given the massive build-up of government, corporate and, in many cases, household debt, that happened because of the pandemic, when central banks start to tighten monetary policy, the cost of servicing the debt will be a significant headwind for demand. Moreover, many asset prices are already elevated in the near term so that corrections may be seen, so there is little room for complacency. Still, the overall set-up strongly supports the view that a super-cycle could be underway backed by some powerful global restructuring themes.