As the table below shows, in year-on-year terms the January monthly average quotes on a cash basis, for almost all the LME traded metals (the exception being lead), were significantly lower. However, When compared with December's average they were somewhat stronger. The only exception to this has been tin which has been tin which has weakened on the back of the notable increase in stocks in Singapore following its opening as an LME deliverable warehouse. The year-on-year weakness is unsurprising given the global economic deterioration that has characterised the last twelve months. Of interest, though, is the strength in quotes seen since the beginning of the year. What is more surprising is that the strength in quotes has come about at the same time as a notable rise in January LME stocks of between 4-38 percent when compared with Decembers levels.
NSTL
