General Motors has filed 200,000 pages of paperwork regarding faulty ignition switches that later led to a massive, 2.6-million car recall to the National Highway Transportation Safety Administration (NHTSA). The markets for automotive metals have been hindered by both the investigation into the nation’s largest automaker and continuing low spring and winter sales.
GM said it has answered more than half of the questions asked by both congress and NHTSA during the investigation of the ignition switch issue which involved crash fatalities in several states. GM is facing a separate, criminal probe by the Department of Justice.
The biggest mover this week was Korean 5052 coil premium over 1050 sheet with a 10.8 percent fall on the weekly Automotive MMI® to close the week at KRW 3,890 ($3.68) per kilogram. Last week, the cash price of primary copper shifted slightly on the LME, rising by 2.4 percent to close at $6,712 per metric ton. On the LME, the copper 3-month price ticked up 2.4 percent over the past week to $6,705 per metric ton. Following a 0.2 percent increase in the week prior, the price of Chinese lead fell 0.4 percent last week to CNY 13,700 ($2,208) per metric ton.
The price of US HDG rose 0.5 percent to $749.00 per short ton after falling 2.0 percent during the previous week.
The price of US platinum bar rose 2.3 percent to $1,432 per ounce after falling 2.8 percent during the previous week. In the past week, US palladium bar saw its price shift up 0.5 percent to $783.00 per ounce.
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.