The automotive industry has benefited from falling steel and copper prices this year and last week was no exception. Even platinum and palladium were off this week meaning slightly cheaper catalytic converters for automobiles. The real news came from aluminum, which is not yet counted in the automotive MMI. Ford has filed 100 patents for its aluminum-bodied F-150 truck.
It was revealed that GM fired 15 executives this week over its ignition switch recall problem, which has prompted a federal investigation into the nation’s largest automaker.
The week’s biggest mover on the weekly Automotive MMI® was the copper cash price, which saw a 2.8 percent decline on the LME to $6,835 per metric ton. This comes on the heels of a 2.8 percent increase the week before. Following a 2.0 percent increase in the week prior, the copper 3-month price fell 2.3 percent on the LME last week to $6,778 per metric ton. The price of Chinese lead declined to CNY 13,975 ($2,236) per metric ton after drifting 0.2 percent since last week. Following a steady week, prices for Korean 5052 coil premium over 1050 sheet closed flat at KRW 3,890 ($3.81) per kilogram.
The price of US HDG fell 0.1 percent to $787.00 per short ton after rising 0.5 percent the week before.
US platinum bar prices were off slightly at $1,434 per ounce, down from $1,449 a week ago. Following a 1.1 percent increase in the week prior, the price of US palladium bar fell 0.1 percent last week to $834.00 per ounce.
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.