Monthly Metal Review

Tin (April 2019)

Tin prices weakened in April, dropping to a low of $19,575 per tonne by late-April, which was down some 10 percent from the February 25 high at $21,800 per tonne. In line with weakness across the metals, which seems to be driven by poor global eco-nomic numbers, the weakness in tin seems tied into the launch of a new physical tin contract on the Indonesia Commodities & Derivatives Exchange (ICDX) where tin can be delivered into a bonded warehouse from where it can be exported. The price drop seems to be in anticipation that exports will pick-up again now that formerly banned PT Surveyor Indonesia will be allowed to verify and issue export licences for the tin going into bonded warehouses. While a recovery in tin exports is likely to be a dampener to prices in the medium term, a recent study by the Massachusetts Institute of Technology (MIT) predicted that tin would be the metal most affected by technology, followed by lithium and cobalt. With tin supply falling, due to lower ore grades, the hunt will be on for new mines. The International Tin Association, expects global tin demand to rise strongly in the years ahead, it expects stable mine output in Indonesia and China, but Myan-mar’s output to decline as mining costs increase, which will need to be made up for with new production from new mines, as well as increases at existing mines. Two new mines are that are nearing production are Alphamin’s Bisie 9,600 tonnes of tin concentrate per year mine, that is scheduled to start in the third quarter 2019 and Aus Tin Mining’s Granville East mine in Tasmania that is ramping up. There is also AfriTin’s Uis tin mine in western Na-mibia which is to be brought back to production this year, along with River Resources’ Namib lead and zinc mine, also in the Erongo region. The Uis mine closed in 1990, as a result of then-depressed tin prices. In a move to stop illegal mining and banditry, the Nigeri-an government suspended mining in the state of Zamfara. Zam-fara, located in northwestern Nigeria, has deposits of tin & gold among other minerals that are largely untapped. According to Reuters, some 80 percent of Nigeria mining is on an artisanal basis, and Zamfara gold can be smuggled to neighboring Niger and Togo.

Daily Prices

May 2019

Copper
Date(Fix.) ($/MT)
Average 6092.73
22-05-2019 5920
21-05-2019 6004
20-05-2019 5985
17-05-2019 6025
16-05-2019 6089
15-05-2019 6002
14-05-2019 6007
13-05-2019 6042.5
10-05-2019 6135.5
09-05-2019 6112
08-05-2019 6103
07-05-2019 6174
03-05-2019 6180
02-05-2019 6214
01-05-2019 6398
Silver
Date(Fix.) ($/OZ)
Average 14.69
22-05-2019 14.435
21-05-2019 14.43
20-05-2019 14.415
17-05-2019 14.48
16-05-2019 14.795
15-05-2019 14.815
14-05-2019 14.755
13-05-2019 14.66
10-05-2019 14.795
09-05-2019 14.82
08-05-2019 14.93
07-05-2019 14.83
03-05-2019 14.655
02-05-2019 14.675
01-05-2019 14.88
PM MEAN AM Gold
Date(Fix.) ($/OZ)
Average 1283.19
22-05-2019 1274
21-05-2019 1276
20-05-2019 1275.25
17-05-2019 1285.8
16-05-2019 1295.55
15-05-2019 1298.9
14-05-2019 1297.6
13-05-2019 1282.95
10-05-2019 1285.4
09-05-2019 1284.1
08-05-2019 1287.75
07-05-2019 1281.3
03-05-2019 1270.05
02-05-2019 1271.45
01-05-2019 1281.8
Date(Fix.) ($/OZ)
Average 1283.61
22-05-2019 1273.9
21-05-2019 1273.575
20-05-2019 1276.05
17-05-2019 1283.3
16-05-2019 1293.625
15-05-2019 1299
14-05-2019 1298
13-05-2019 1289.275
10-05-2019 1286.25
09-05-2019 1285.1
08-05-2019 1286.475
07-05-2019 1281.25
03-05-2019 1274.3
02-05-2019 1271.2
01-05-2019 1282.8
Date(Fix.) ($/OZ)
Average 1284.02
22-05-2019 1273.8
21-05-2019 1271.15
20-05-2019 1276.85
17-05-2019 1280.8
16-05-2019 1291.7
15-05-2019 1299.1
14-05-2019 1298.4
13-05-2019 1295.6
10-05-2019 1287.1
09-05-2019 1286.1
08-05-2019 1285.2
07-05-2019 1281.2
03-05-2019 1278.55
02-05-2019 1270.95
01-05-2019 1283.8
Lead
Date(Fix.) ($/MT)
Average 1825.13
22-05-2019 1787
21-05-2019 1795.5
20-05-2019 1797
17-05-2019 1809
16-05-2019 1826
15-05-2019 1780
14-05-2019 1768
13-05-2019 1785
10-05-2019 1823
09-05-2019 1855
08-05-2019 1860
07-05-2019 1867
03-05-2019 1880
02-05-2019 1859
01-05-2019 1885.5
Zinc
Date(Fix.) ($/MT)
Average 2768.10
22-05-2019 2713
21-05-2019 2723
20-05-2019 2705
17-05-2019 2755
16-05-2019 2781
15-05-2019 2730
14-05-2019 2715
13-05-2019 2719.5
10-05-2019 2751
09-05-2019 2725
08-05-2019 2764
07-05-2019 2835
03-05-2019 2867
02-05-2019 2832
01-05-2019 2906
Tin
Date(Fix.) ($/MT)
Average 19646.67
22-05-2019 19650
21-05-2019 19750
20-05-2019 19675
17-05-2019 19625
16-05-2019 19675
15-05-2019 19850
14-05-2019 19890
13-05-2019 19465
10-05-2019 19650
09-05-2019 19475
08-05-2019 19640
07-05-2019 19660
03-05-2019 19375
02-05-2019 19550
01-05-2019 19770
Nickel
Date(Fix.) ($/MT)
Average 11976.33
22-05-2019 11965
21-05-2019 12030
20-05-2019 11915
17-05-2019 12025
16-05-2019 12215
15-05-2019 11930
14-05-2019 11820
13-05-2019 11730
10-05-2019 11865
09-05-2019 11710
08-05-2019 11965
07-05-2019 12050
03-05-2019 12170
02-05-2019 12125
01-05-2019 12130
Cobalt
Date(Fix.) ($/MT)
Average 34733.33
22-05-2019 34500
21-05-2019 34750
20-05-2019 34750
17-05-2019 34750
16-05-2019 34750
15-05-2019 34750
14-05-2019 34750
13-05-2019 34750
10-05-2019 34750
09-05-2019 34750
08-05-2019 34750
07-05-2019 34750
03-05-2019 34750
02-05-2019 34750
01-05-2019 34750