The ongoing South African miners’ strike and renewed tensions between Russia and the west over Ukraine continue to make the price of palladium, used in automotive catalytic converters, and platinum chaotic on the LME. There was a glimmer of hope that the mining strike might soon end this week, but talks collapsed.
The week’s biggest mover on the weekly Automotive MMI® was the price of US palladium bar, which saw a 3.1 percent increase to $807.00 per ounce. This comes on the heels of a 2.0 percent decline the week prior. The price of US platinum bar rose 1.4 percent to $1,420 per ounce after falling 2.4 percent during the previous week.
The price of US HDG rose 1.3 percent over the past week to $773.00 per short ton. This was the third week in a row of increasing prices.
Last week, the cash price of primary copper increased by a slight 1.2 percent on the LME to $6,723 per metric ton. On the LME, a 1.1 percent gain landed the 3-month price of copper at $6,710 per metric ton. Following a 1.3 percent increase in the week prior, the Chinese lead price fell 0.2 percent last week to CNY 13,900 ($2,221) per metric ton. At KRW 3,890 ($3.76) per kilogram, the week finished with no movement for Korean 5052 coil premium over 1050 sheet.
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.