Curb your disappointment-- Natixis Metals Review H1 2013
2012 was a disappointing year for metal markets. Precious metal markets disappointed, with gains of just seven per cent forgold prices in 2012 after 12 years of double-digit percentage growth, while silver and PGM prices traded sideways. Chinese growth disappointed, dropping to a low of 7.4 per cent yoy in Q3 and resulting in falls in base metal prices too. Aluminium producers disappointed by failing to cut back production as much as expected, while Chilean copper producers disappointed by failing to increase output as much as expected.