The world’s second-largest platinum producer, Impala Platinum, issued a stark profit warning on Friday, saying full year earnings would fall by up to 75 percent after the mining strike of the first five-months of this year.
Implats, which operates mines in the platinum mining belt north west of Johannesburg, saw its share price sink by more than one percent on the news. Implats also mines palladium, used in automotive catalytic converters.
This week California signaled it would loosen its environmental rules and offer tax breaks to Tesla Motors if the firm’s planned gigafactory were to set up shop there. Two state senators, a Democrat and a Republican, are sponsoring an “urgency” bill that would provide additional, unspecified, benefits for Tesla. “This factory would help us achieve the dual goals of strengthening our economy, and fostering clean technology and renewable energy,” Democrat, Senate Pro Tem President Darrell Steinberg told USA Today. “California is where this factory belongs.”
The week’s biggest mover on the weekly Automotive MMI® was the price of US palladium bar, which saw a 3.5 percent increase to $876.00 per ounce. This comes on the heels of a 3.4 percent decline the week prior. The price of US platinum bar rose 0.3 percent to $1,463 per ounce after falling 1.1 percent during the previous week.
US HDG saw its price rise 1.4 percent over the past week to $781.00 per short ton.
The primary copper cash price declined to $6,925 per metric ton after drifting 1.0 percent on the LME since last week. The copper 3-month price fell 0.9 percent last week on the LME, settling at $6,916 per metric ton. Korean 5052 coil premium over 1050 sheet prices held steady from the previous week at KRW 3,890 ($3.78) per kilogram. The Chinese lead price traded sideways last week, hovering around CNY 14,700 ($2,388) per metric ton.
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.