Copper and steel continued to drive the automotive MMI down last week. GM, the largest US automaker, had its recall costs soar to $1.3 billion, mostly due to the ongoing federal investigation into faulty ignition switches and the car wars over how to lighten whole fleets of American automobiles to meet federal standards, saw their focus shift a bit to automotive tools, particularly how mechanics would deal with lighter car bodies and what new costs consumers could face.
The week’s biggest mover on the weekly Automotive MMI® was the copper cash price, which saw a 1.2 percent decline on the LME to $6,630 per metric ton. This comes on the heels of a 2.4 percent increase the week before. Following a 2.4 percent increase in the week prior, the 3-month price of copper fell 1.2 percent on the LME last week to $6,626 per metric ton. The price of Chinese lead rose 0.3 percent to CNY 13,745 ($2,217) per metric ton after falling 0.4 percent during the previous week. Korean 5052 coil premium over 1050 sheet prices held steady from the previous week at KRW 3,890 ($3.68) per kilogram.
The price of US HDG fell 0.9 percent to $742.00 per short ton after rising 0.5 percent the week before.
Following a 0.5 percent increase in the week prior, the price of US palladium bar fell 0.4 percent last week to $780.00 per ounce. Closing at $1,437 per ounce for the week, US platinum bar rose by a slight 0.3 percent.
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.