Palladium hit a 13-year-high this week and automakers signaled they would switch to platinum for use in catalytic converters if the price continues to rise independent of its precious metal cousin.
Meanwhile, lead has quietly been one of the highest-demand metals in commodities and prices might soon start following that demand.
Rising 6.3 percent to CNY 14,825 ($2,402) per metric ton, the Chinese lead price saw the largest increase on the weekly Automotive MMI® this week. The primary copper cash price rose 0.4 percent on the LME to $7,089 per metric ton after falling 0.7 percent during the previous week. The copper 3-month price closed last week at $7,060 per metric ton, after a 0.1 percent drop on the LME. Closing at KRW 3,890 ($3.80) per kilogram, Korean 5052 coil premium over 1050 sheet remained unchanged for the week.
US HDG traded sideways last week, hovering around $765.00 per short ton.
The price of US palladium bar rose 0.8 percent to $876.00 per ounce after falling 0.2 percent during the previous week. After a 0.1 percent decline, US platinum bar closed out the week at $1,475 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.