Via Motley Fool: “General Motors (NYSE: GM) has lost billions — $18 billion, to be exact — on its troubled European operation since 1999. Its problems have been exacerbated by deep recessions in several European countries that have driven new-car sales to lows not seen in 20 years.”
Via South China Morning Post: “Japan is ‘absolutely’ manipulating its currency, [Alan Mullaly, CEO] of the second-biggest US carmaker said in an interview yesterday. “With the currency manipulation, we just have to get back to the place where the currencies are set by the markets and the free trade agreements really are free trade agreements.”
Current Metal Prices in Automotive Markets:
US palladium bar finished as the week’s biggest mover on the weekly Automotive MMI® after dropping 8.3 percent. US platinum bar weakened by 4.5 percent.
The price of US HDG fell 6.4 percent after rising 8.4 percent the week before.
Following a 1.6 percent drop on the LME, the 3-month price of copper finished the week at $7,003 per metric ton. The primary copper cash price saw a 1.6 percent drop this week on the LME, closing at $6,972 per metric ton.
The price of Chinese lead fell 0.2 percent last week. The price of Korean 5052 coil premium over 1050 sheet did not change since the previous week.
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.