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Prices & Review

Daily price | 2020-09

Copper

Date(Fix.)($/MT) Average6725.85 2020-09-286571.5 2020-09-256529 2020-09-246538.5 2020-09-236725.5 2020-09-226810 2020-09-216837 2020-09-186833.5 2020-09-176761 2020-09-166776 2020-09-156813.5 2020-09-146788 2020-09-116757.5 2020-09-106710.5 2020-09-096709 2020-09-086767.5 2020-09-076790.5 2020-09-046678 2020-09-036613 2020-09-026719 2020-09-016788.5

Lead

Date(Fix.)($/MT) Average1888.4 2020-09-281805 2020-09-251815 2020-09-241856 2020-09-231851.5 2020-09-221873 2020-09-211871.5 2020-09-181889 2020-09-171851 2020-09-161883.5 2020-09-151909.5 2020-09-141873.5 2020-09-111869 2020-09-101859 2020-09-091888 2020-09-081925 2020-09-071961.5 2020-09-041940 2020-09-031912 2020-09-021951 2020-09-011984

Nickel

Date(Fix.)($/MT) Average14910.15 2020-09-2814416 2020-09-2514285 2020-09-2414179 2020-09-2314365 2020-09-2214554 2020-09-2114691 2020-09-1814908 2020-09-1714895 2020-09-1615160 2020-09-1515218 2020-09-1415090 2020-09-1114935 2020-09-1014748 2020-09-0914821 2020-09-0815090 2020-09-0715185 2020-09-0415210 2020-09-0315135 2020-09-0215658 2020-09-0115660

Gold

Date(Fix.)AM
($/oz)
MEAN
($/oz)
PM
($/oz)
Average 1952.17 1950.89 1949.61 2020-09-28 0 - 2020-09-25 1870.05 1864.88 1859.7 2020-09-24 1850.75 1856.25 1861.75 2020-09-23 1888.1 1880.75 1873.4 2020-09-22 1903.1 1904.55 1906 2020-09-21 1930.9 1920.13 1909.35 2020-09-18 1954.75 1952.8 1950.85 2020-09-17 1936.1 1936.18 1936.25 2020-09-16 1964.8 1963.3 1961.8 2020-09-15 1963.55 1956.45 1949.35 2020-09-14 1942.3 1950.5 1958.7 2020-09-11 1944.5 1945.95 1947.4 2020-09-10 1944.8 1955.53 1966.25 2020-09-09 1928.4 1937.8 1947.2 2020-09-08 2312 2306 2300 2020-09-07 1928.4 1928.43 1928.45 2020-09-04 1937.6 1931.95 1926.3 2020-09-03 1934.1 1937.28 1940.45 2020-09-02 1969 1958.03 1947.05 2020-09-01 1987.95 1980.15 1972.35

Silver

Date(Fix.)($/oz) Average26.27 2020-09-28- 2020-09-2522.63 2020-09-2422.22 2020-09-2323.595 2020-09-2224.3 2020-09-2126.36 2020-09-1827.06 2020-09-1726.745 2020-09-1627.38 2020-09-1527.545 2020-09-1426.885 2020-09-1126.875 2020-09-1027.105 2020-09-0926.535 2020-09-0826.675 2020-09-0726.83 2020-09-0426.815 2020-09-0326.9 2020-09-0227.705 2020-09-0128.885

Tin

Date(Fix.)($/MT) Average17999.9 2020-09-2817219 2020-09-2517080 2020-09-2417375 2020-09-2318055 2020-09-2217998 2020-09-2118125 2020-09-1818170 2020-09-1718150 2020-09-1618245 2020-09-1518165 2020-09-1418100 2020-09-1117885 2020-09-1018031 2020-09-0917940 2020-09-0818215 2020-09-0718150 2020-09-0418370 2020-09-0318420 2020-09-0218200 2020-09-0118105

Zinc

Date(Fix.)($/MT) Average2454 2020-09-282394 2020-09-252365 2020-09-242379.5 2020-09-232422 2020-09-222472 2020-09-212482.5 2020-09-182512 2020-09-172466.5 2020-09-162505 2020-09-152503.5 2020-09-142454.5 2020-09-112428.5 2020-09-102383 2020-09-092386.5 2020-09-082425.5 2020-09-072456 2020-09-042463.5 2020-09-032487.5 2020-09-022539 2020-09-012554

Cobalt(Standard Grade MB free market low quotation)

Date(Fix.)($/lb) Average15.34 2020-09-28- 2020-09-2515.45 2020-09-24- 2020-09-2315.45 2020-09-22- 2020-09-21- 2020-09-1815.4 2020-09-17- 2020-09-1615.4 2020-09-15- 2020-09-14- 2020-09-1115.3 2020-09-10- 2020-09-0915.25 2020-09-08- 2020-09-07- 2020-09-0415.25 2020-09-03- 2020-09-0215.25 2020-09-01-

Platinum

Date(Fix.)AM
($/oz)
MEAN
($/oz)
PM
($/oz)
Average 917.05 914.63 912.21 2020-09-28 - 0 - 2020-09-25 857 849 841 2020-09-24 839 835 831 2020-09-23 854 853 852 2020-09-22 886 882 878 2020-09-21 925 916 907 2020-09-18 943 941 939 2020-09-17 951 945.5 940 2020-09-16 981 976 971 2020-09-15 965 970 975 2020-09-14 940 943.5 947 2020-09-11 930 929.5 929 2020-09-10 923 926.5 930 2020-09-09 911 913.5 916 2020-09-08 909 905 901 2020-09-07 906 902 898 2020-09-04 905 904 903 2020-09-03 913 905.5 898 2020-09-02 936 928 920 2020-09-01 950 953 956

Palladium

Date(Fix.)AM
($/oz)
MEAN
($/oz)
PM
($/oz)
Average 2295.37 2298.35 2301.32 2020-09-28 - 0 - 2020-09-25 2236 2220 2204 2020-09-24 2225 2218.5 2212 2020-09-23 2232 2238.5 2245 2020-09-22 2267 2274.5 2282 2020-09-21 2347 2331.5 2316 2020-09-18 2346 2333.5 2321 2020-09-17 2365 2354 2343 2020-09-16 2375 2391 2407 2020-09-15 2329 2336 2343 2020-09-14 2324 2331.5 2339 2020-09-11 2304 2302.5 2301 2020-09-10 2291 2301 2311 2020-09-09 2256 2263 2270 2020-09-08 2312 2306 2300 2020-09-07 2300 2305 2310 2020-09-04 2283 2286.5 2290 2020-09-03 2294 2323.5 2353 2020-09-02 2253 2257 2261 2020-09-01 2273 2295 2317

Overview (August 2020)

The economic recovery continues to make headway despite the Covid-19 pandemic spreading at an ever-faster pace with 23.5 million confirmed cases and 810,000 deaths reported as of August 25, up from 16.7 million confirmed cases of the virus and 661,000 deaths a month earlier. As the virus spreads from cities to more rural areas, the chances of it causing more disrup-tions to mines and transport networks looks set to in-crease, as such while demand appears to be recovering, supply may well face continued disruptions. As a result, while we think metal prices have run ahead of the cur-rent fundamentals, especially from a demand point of view, the markets may well be preparing for the combi-nation of continuing demand recovery and further sup-ply disruptions. Indeed, it seems that China has been very much in that frame of mind with the country stockpiling material in recent months. Besides, the weight of money that is being made available to busi-nesses, investors and households, is also likely to be inflating metal prices as investors look to stockpile metal, or buy forward, in anticipation that demand will be even stronger going forward as more infrastructure projects start to move from the planning stage to the construction stage. Stock markets are also moving from strength to strength for three reasons, firstly because again the weight of money in the system needs to find a home, secondly as investors look forward to a return to a more normal situation once a vaccine has been found and thirdly as US markets are still waiting for Congress to agree on the next phase of the US pandemic rescue fund. While we can see there is room for a better out-look for metal demand, given stimulus spending, there is a danger that company earnings are slow to recover and equity prices may have climbed too far too soon. Demand for safe-havens also appears to have slowed, US ten-year treasury yields have climbed back to 0.70 percent and a base now seems in place in the 0.5-0.6 percent area, and gold's rally has halted for now with prices correcting lower. The US dollar is also trending lower, which could also be a sign of less demand for a safe-haven, but it could also be happening as investors vote with their feet, not liking what they see in the US given its weak Covid-19 response, it's handling of inter-national relations, especially with China in these diffi-cult global times, and with the US presidential election just three months away. While it is good that confi-dence is returning and ever-rising equity markets will be fuelling that confidence, there is a significant risk that markets have become overconfident. If we do see a broad-based correction, we would expect it to be short-lived for the metals, as many consumers will have not been in the position to restock when prices initially rebounded, so maybe keen not to miss another oppor-tunity.