Looks like Australians won’t be thinking Ford first anymore – or rather, Ford is not thinking Australia first.
Having produced cars down under since 1925, the auto company is pulling the plug on all its production within the continent.
Via Manufacturing.net: “Australia’s stubbornly high dollar has put pressure on the country’s auto manufacturers, making locally produced cars far more expensive than those made overseas. Last month, Ford’s chief competitor, Holden, said it was cutting 500 jobs amid the high dollar and falling demand…
“[Ford Australia President Bob] Graziano said a reduced demand for large cars and the high price of production in Australia had left the manufacturing operation uncompetitive. Ford’s production costs in Australia are twice that of Europe and nearly four times higher than in Asia, Graziano said.”
The week’s biggest mover on the weekly Automotive MMI® was the copper cash price, which saw a 5.4 percent increase on the LME to $7,475 per metric ton. This comes on the heels of a 3.1 percent decline the week prior.
More price movements for aluminum, steel, lead and PGMs:
The 3-month price of copper rose 5.1 percent on the LME to $7,505 per metric ton after falling 2.9 percent during the previous week.
US HDG steel gained a slight 1.1 percent this past week.
The price of US palladium bar increased by a slight 2.6 percent. The price of US platinum bar dropped 1.5 percent this week, closing out the third consecutive week of falling prices.
The Automotive MMI® collects and weights 7 metal price points used in automotive production to provide a unique view into automotive metal trends. For more information on the Automotive MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.