GM CEO May Be Stepping Down In 2014; Primary Copper Down

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It looks as though General Motors Co. CEO Dan Akerson may be stepping down. According to Reuters, he “could step down as early as next year though he has not formally notified the board of his plans and an official search for his successor has not yet begun, according to people close to the matter.”

“GM’s board is not in any rush to see Akerson, 65, leave and has not set a timeframe for hiring an executive search firm to weigh potential internal or external candidates, said one of the sources, who is familiar with the board’s thinking.”

“Speculation about Akerson’s exit gained steam in April, when GM disclosed in a securities filing that his compensation plan had changed. The CEO was not awarded any restricted stock units last year “in acknowledgement of the possibility of his retirement before the completion of the three-year vesting period,” which would be in 2015.”

The week’s biggest mover on the weekly Automotive MMI® was the copper cash price, which saw a 2.5 percent decline on the LME to $7,021 per metric ton. This week marked the third in a row of declining prices for the metal. Closing out the third week of declining prices, the 3-month price of copper dropped by 2.3 percent on the LME, finishing at $7,029 per metric ton. The Chinese lead price fell 1.6 percent for the week to settle. Korean 5052 coil premium over 1050 sheet prices held steady from the previous week.

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US HDG traded sideways last week.

After a 1.2 percent decline, US platinum bar closed out the week. Following a 2.3 percent increase in the week prior, the price of US palladium bar fell 0.9 percent last week.

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