Flatness in the steel sector and falling copper prices hindered this week’s Automotive MMI. The former break out star of the automotive metals, palladium, even had a slow week with its most modest weekly increase in a month.
Aluminum continues to make its case to be included in the automotive MMI as Ford’s new aluminum-bodied F-150 beat the company’s own estimates for weight reduction, shaving an average of more than 700 lbs. off the truck’s weight in all models and configurations. Fuel economy numbers will be released later this year before the truck goes on-sale this Fall.
The 3-month price of copper finished as the week’s biggest mover on the weekly Automotive MMI® after dropping 0.7 percent on the LME and landing at $7,070 per metric ton. Following a 0.7 percent drop on the LME, the primary copper cash price finished the week at $7,060 per metric ton. Korean 5052 coil premium over 1050 sheet prices held steady from the previous week at KRW 3,890 ($3.80) per kilogram. The Chinese lead price traded sideways last week, hovering around CNY 13,950 ($2,251) per metric ton.
The price of US HDG rose 0.1 percent to $765.00 per short ton after falling 0.3 percent during the previous week.
The price of US palladium bar fell 0.2 percent to $869.00 per ounce after rising 0.1 percent the week before. US platinum bar remained essentially flat from the previous week at $1,477 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.