UAW Victory at US Volkswagen Plant, Platinum Price Down on Index

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VW is doing what Toyota, Nissan and Daimler have not, as far as unionization goes.

“A Volkswagen plant in the lightly-unionised state of Tennessee looks set to become the first US auto plant to bring management issues before a German-style works council, after a union said it had enough votes to seek union recognition at the site,” the FT reports. “Union recognition and the establishment of a works council at the Chattanooga factory would represent a major victory for the United Auto Workers, which has spent decades seeking a foothold in the US’s many foreign-owned car plants.”

This past week, US platinum bar dropped 1.5 percent on MetalMiner’s weekly Automotive MMI® as the week’s biggest mover. For the third week in a row, the price of US palladium bar dropped, falling 0.7 percent to $691.00 per ounce.

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After a 1.1 percent decline, US HDG closed out the week lower.

The Chinese lead price dropped 0.9 percent this week, closing out the third consecutive week of falling prices. The primary copper cash price rose 0.5 percent on the LME to $7,162 per metric ton after falling 1.5 percent during the previous week. The 3-month price of copper rose 0.4 percent on the LME to $7,190 per metric ton after falling 1.6 percent during the previous week.

Korean 5052 coil premium over 1050 sheet prices held steady.

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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.