The growth outlook in both Asia and Europe, in addition to retail sales in the U.S., all conspired to batter metal prices this week, resulting in significant declines in mining equities. This was reflected in the S&P/TSX Global Base Metals and Global Mining Indices, which both fell to 52-week lows, finishing at 68 and 45.3 respectively. Negative sentiment wasn’t just confined to mining equities, with U.S. stocks also tumbling as speculation of an interest rate hike next month intensifies. The Dow Jones Industrial Average and S&P 500 indices both fell 3.5% and 5% respectively to finish at 17245 and 2023. The performance of copper during the week highlighted the negative global growth outlook, hitting a six-and-a-half year low. Further economic figures out of China, responsible for ~45% of global copper demand, continued to disappoint with credit growth in October coming in at a 15-month low. The negative tone saw the price of copper fall 3.4% during the week to finish at $2.16 per pound. Nickel, lead and zinc also buckled, finishing at $4.26 (↓2.24%), $0.73 (↓3%) and $0.73 (↓3%) per pound respectively. Platinum and palladium prices crashed, with palladium in particular falling 15%, while the price of platinum (↓9.5%) fell to its lowest level since October 2009; both metals closed at $540 and $861 per ounce respectively. The price of iron ore bucked the trend during the week, rising 1.25% to finish at $47 per tonne on Friday following last week’s tailings dam breach in Brazil. WTI crude (↓8.5%) prices dropped to a multi-month low on Friday, amid concerns that the global glut of crude oil is set to persist next year. Finally, the UxC Broker Average Price (BAP) of uranium was flat for the week, finishing at $36.00 per pound.

Companies covered: $GSV, $AGI, $CUM, $HBM, $THO, $KDX, $SMF, $ICG, $PLG, $LUC

Download link: http://cdn.ceo.ca.s3-us-west-2.amazonaws.com/1b4d3gf-MMNov132015_CEO_secured%20%281%29.pdf