Platinum and its precious metal cousin palladium continue to show price volatility, this week performing as the biggest gainers on the Automotive MMI.
The platinum miners’ strike in South Africa is well into its fourth month and tensions between Russia and Ukraine, Russia is the world’s biggest supplier of the metal, are also causing fluctuations in the platinum price. Stockpiles of the metal used in catalytic converters had previously kept prices stable but there are signs that those stockpiles are dwindling.
The week’s biggest mover on the weekly Automotive MMI® was the price of US palladium bar, which saw a 1.7 percent decline to $793.00 per ounce. This comes on the heels of a 3.1 percent increase the week before. US platinum bar rose 0.6 percent over the past week to $1,428 per ounce.
On the flip side, no metal has been more consistent on the MMI, if consistently flat, than steel and automotive HDG is no exception.
Finishing the fourth week of rising prices, the price of US HDG increased by 0.4 percent, finishing at $776.00 per short ton.
Last week, the primary copper cash price increased by a slight 0.2 percent on the LME to $6,739 per metric ton. The price of Chinese lead rose 0.2 percent to CNY 13,925 ($2,233) per metric ton after falling 0.2 percent during the previous week. The 3-month price of copper fell 0.2 percent on the LME to $6,699 per metric ton after rising 1.1 percent the week before. Closing at KRW 3,890 ($3.80) per kilogram, Korean 5052 coil premium over 1050 sheet remained unchanged for the week.
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.