Adding to the early tests for new CEO Mary Barra, “General Motors is recalling 778,562 Chevrolet Cobalt and Pontiac G5 sedans in North America after six deaths were linked to faulty ignition switches that may have caused engines and air bags to turn off,” reports Bloomberg.
“Key rings that are too heavy or a ‘jarring event’ can cause the ignition switches to come out of the run position, GM said in a statement today. The engine may then shut off and result in a misfire of a crash-sensing algorithm.”
“That chain of events ‘may result in the air bags not deploying, increasing the potential for occupant injury in certain kinds of crashes,’ GM said in the e-mailed statement. ‘Until this correction is performed, customers should remove non-essential items from their key ring.'”
In metal price news for the automotive sector…
The week’s biggest mover on the weekly Automotive MMI® was the price of US platinum bar, which saw a 1.7 percent increase. This comes on the heels of a 2.3 percent decline the week prior. The price of US palladium bar rose 1.4 percent after falling 0.8 percent during the previous week.
The price of US HDG fell 1.0 percent after rising 0.1 percent the week before.
The primary copper cash price rose 1.1 percent on the LME to $7,174 per metric ton after falling 1.6 percent during the previous week. The copper 3-month price rose 1.1 percent on the LME to $7,136 per metric ton after falling 1.4 percent during the previous week. With a 0.5 percent decrease, the Chinese lead price closed the week. Korean 5052 coil premium over 1050 sheet traded sideways last 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.