US automaker General Motors continued to scramble to recall more than 1 .6 million automobiles that could have faulty ignition switches as U.S. Transportation Secretary Anthony Foxx on Thursday promised an “aggressive investigation” into whether GM was slow to report to the federal government problems with the ignition switches, which have led to 12 deaths.
The week’s biggest mover on the weekly Automotive MMI® was the cash price of primary copper, which saw a 8.5 percent decline on the LME to $6,497 per metric ton. Copper continues to free-fall because of uncertainty about the Chinese economy and whether or not warehouses of stockpiled copper used as loan collateral there will soon flood the market. MetalMiner’s Stuart Burns wrote that even Reuters’ best guess of the amount of copper warehoused, which is about 700,000 metric tons held in Shanghai’s bonded warehouse zone, is still just a guess.
This week marked the third in a row of declining prices for the metal. The 3-month price of copper finished the week down 8.2 percent on the LME. The price of Chinese lead fell 0.9 percent. This was the fourth week in a row of declining prices. Following a steady week, prices for Korean 5052 coil premium over 1050 sheet closed flat.
The price of US HDG rose 0.8 percent. The price of US platinum bar fell 0.9 percent after rising 4.0 percent the week before. Following a 6.3 percent increase in the week prior, the price of US palladium bar fell 0.5 percent 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.