Auto MMI®: Palladium Up This Week on Ukraine Tensions, Copper Still Down

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Geopolitical tensions surrounding Russia and Ukraine have exacerbated supply worries for platinum and palladium while a major miners’ strike continues in South Africa. These forces pushed the related metals higher this week on global indexes, but the situation continues to be chaotic as statements from world leaders in Russia and Ukraine are either fomenting or easing the tension.

The week’s biggest mover on the weekly Automotive MMI® was the price of US palladium bar, which saw a 2.4 percent increase to $799.00 per ounce. This comes on the heels of a 0.4 percent decline the week prior. The price of US platinum bar fell 0.2 percent to $1,434 per ounce after rising 0.3 percent the week before.

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The price of US HDG rose 2.0 percent to $757.00 per short ton after falling 0.9 percent during the previous week.

Copper’s price dive this year has meant cheaper copper parts for automotive buyers. Long-term prospects still seem shaky at best as China tries to modernize its economy which could slow its rate of urbanization. An economic report this week out of China showed GDP of only 7.4 percent, down from the 7.7 percent in the last quarter of 2013.

The cash price of primary copper closed last week at $6,599 per metric ton, after a 0.5 percent drop on the LME. Following a 0.3 percent drop on the LME, the copper 3-month price finished the week at $6,603 per metric ton. Following a steady week, prices for the price of Chinese lead closed flat at CNY 13,750 ($2,211) per metric ton. Following a steady week, prices for Korean 5052 coil premium over 1050 sheet closed flat at KRW 3,890 ($3.74) 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. 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.

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