The week in automotive metals was dominated by news about platinum and its cousin, palladium. Both had their prices move chaotically this week thanks to the escalation of unrest in Ukraine. Russia, which has been amassing troops at the border and amping up rhetoric against Kyiv about clashes between Russian separatists and Ukrainian military in Eastern Ukraine, is the world’s largest palladium producer and any sanctions against Russia could curtail supply.
A miners’ strike in South Africa has been affecting prices of the precious metal negatively for more than a month but settlement talks resumed this week leading to hope that the strike may soon end. Unfortunately, the talks have now dragged on through this week with no end in sight.
Closing at $1,400 per ounce on the weekly Automotive MMI®, US platinum bar finished as the week’s biggest mover with a 2.4 percent decline. The price of US palladium bar fell 2.0 percent to $783.00 per ounce after rising 2.4 percent the week before.
Following a 0.8 percent increase, US HDG finished the week at $763.00 per short ton.
Last week, the Chinese lead price shifted slightly, rising by 1.3 percent to close at CNY 13,925 ($2,232) per metric ton. The cash price of primary copper rose 0.6 percent on the LME to $6,640 per metric ton after falling 0.5 percent during the previous week. The copper 3-month price rose 0.5 percent on the LME to $6,635 per metric ton after falling 0.3 percent during the previous week. Korean 5052 coil premium over 1050 sheet traded sideways last week, hovering around 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.