California is being considered by Tesla Motors as the possible home of its planned $5 billion battery “gigafactory” now that lawmakers have moved to pass legislation that could help the company build the plant faster and save money. The other states that have been in the running to win the prized project are Arizona, New Mexico, Texas and Nevada. The company needs to act quickly if it wants to finish the project by 2017, when the Model III electric car is supposed to hit the market.
Platinum and palladium continued to be the biggest movers on the automotive MMI this week.
US platinum bar dropped to $1,477 per ounce making it the biggest mover on the weekly Automotive MMI® this week, after drifting 1.5 percent. The price of US palladium bar increased 0.1 percent this week, closing out the fourth consecutive week of rising prices at $871.00 per ounce.
The price of US HDG fell 0.3 percent over the past week to $764.00 per short ton. This was the third week in a row of declining prices.
The cash price of primary copper fell 0.9 percent on the LME to $7,111 per metric ton after rising 1.8 percent the week before. Following a 1.7 percent increase in the week prior, the 3-month price of copper fell 0.5 percent on the LME last week to $7,121 per metric ton. The price of Chinese lead rose 0.4 percent to CNY 13,950 ($2,249) per metric ton after falling 0.7 percent during the previous week. Closing at KRW 3,890 ($3.84) 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.