Tesla announced last Friday that it will be sourcing all of the materials for the batteries in its cars from North America. This includes cobalt and several precious metals currently sourced from overseas.
MetalMiner’s own Stuart Burns spoke to Bloomberg News about what the existence of Tesla’s planned battery “gigafactory” could do to commodity markets on Friday with so much product being sourced from fewer sources.
US palladium bar saw the biggest price decline of the day, dropping 2.8 percent to close at $757.00 per ounce on Friday, March 28. At CNY 174.00 ($28.00) per gram, Chinese palladium bar fell 1.7 percent last Friday. Japanese palladium bar held its value last Friday at JPY 2,595 ($25.40) per gram.
Chinese platinum bar ended the day at CNY 299.00 ($48.12) per gram, after the 0.7 percent drop last Friday. US platinum bar finished the day down 0.5 percent to $1,393 per ounce. At JPY 4,690 ($45.91) per gram, the price of Japanese platinum bar was essentially unchanged.
Indian gold bullion closed 2.6 percent lower at INR 27,849 ($462.76) per 10 grams. US gold bullion finished the day down 1.1 percent to $1,292 per ounce. Japanese gold bullion ended the day at JPY 4,283 ($41.92) per gram, after the 0.9 percent drop last Friday. Chinese gold bullion closed 0.6 percent lower at CNY 257.94 ($41.51) per gram.
Following a 1.8 percent rise last Friday, the price of Indian silver closed at INR 44,563 ($740.50) per kilogram. Japanese silver prices saw a 1.1 percent decline to JPY 650.00 ($6.36) per 10 grams. At $19.69 per ounce, US silver fell 0.2 percent last Friday. The price of Chinese silver declined 0.1 percent to CNY 4,115 ($662.25) per kilogram.