Automotive metals continued to slog through a discontented winter of low production and future materials uncertainty last month.
The monthly Automotive MMI® registered a value of 97 in April, a decrease of 2 percent from 99 in March.
Auto inventory levels have soared over recent months as frigid temperatures and winter storms in the past six weeks have slowed retail sales and showroom traffic throughout the Midwest and East Coast. Automakers are also struggling with the prospect of having to build lighter vehicles for the 2015 model thanks to more stringent Corporate Average Fuel Economy (CAFE) standards mandated by the National Highway Transportation Safety Administration (NHTSA).
The cash price of primary copper declined 6.1 percent on the LME over the month to $6,666 per metric ton. A 5.3 percent decline for the 3-month price of copper on the LME left it at $6,652 per metric ton. US platinum bar prices fell 2.4 percent to $1,413 per ounce after rising the previous month. The Chinese lead price finished the month at $2,204 per metric ton after dropping 0.7 percent.
US palladium bar reached $774.00 per ounce after a 4.6 percent increase for the month. US HDG rose 0.1 percent to $749.00 per short ton.
Korean 5052 coil premium over 1050 sheet held pat last month at $4.10 per kilogram.
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.