The monthly Automotive MMI® registered a value of 100 in November, an increase of 1.0 percent from 99 in October.
Source: MetalMiner IndX(SM)
Perhaps the phrase channel stuffing appears overly dramatic. But the first analyses in the trade press (outside of what MetalMiner has previously said on this topic) have started to report other numbers relating to automotive sales.
GM reported sales of 226k vehicles in October vs. 187k vehicles in September. And though that appears like solid growth, several automotive signals tell a different story. For example, light vehicle dealer inventories have increased by 29% just this past month and have increased by over 36% since August. Dealer incentives appear plentiful as well.
This indicates supply may now exceed demand.
Finally, despite posting monthly sales numbers that put the US automotive industry on path toward a 15.4m annual clip, hot dipped galvanized prices dipped ever so slightly this past week. Moreover, the rate of steel price increases appears to have peaked. MetalMiner will publish additional information on the steel market price trends later this week.
“Nonetheless, the automotive MMI remains the best-performing of all of the indexes tracked by MetalMiner said Lisa Reisman managing editor, “this industry sector has provided price support to many metals that go into automotive production.”
After dropping the previous month, the price of US platinum bar prices rose 3.4 percent to $1,447 per ounce. US palladium bar prices inched up 1.8 percent to $736.00 per ounce. The Chinese lead price rose 1.6 percent per metric ton after falling the previous month. After dropping the previous month, the price of US HDG prices rose 0.8 percent.
At $7,233 per metric ton, the primary copper cash price was down 0.8 percent on the LME. On the LME, the 3-month price of copper fell a slight 0.8 percent over the past month to $7,240 per metric ton.
Last month was consistent for Korean 5052 coil premium over 1050 sheet, remained steady.
The Automotive MMI® collects and weights 7 metal price points used in automotive production to provide a unique view into automotive metal trends over a 30-day period. 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.