The week’s biggest mover on the weekly Automotive MMI® was the price of US palladium bar, which saw a 2.2 percent increase to $883.00 per ounce. This comes on the heels of a 1.4 percent decline the week prior. The price of US platinum bar declined 1.5 percent over the past week, settling at $1,400 per ounce.
Palladium has hit a 13-year high based on tensions in Russia, the world’s top producer. Novelis ramped up production of automotive aluminum a third time to meet demand for Ford’s new aluminum-bodied F-150 pickup. Foreign steel imports jumped 58% over last year for the first six months of this year, as well.
US HDG prices were off slightly at $775.00 per short ton, down from $778.00 a week ago.
The primary copper cash price rose 1.9 percent on the LME over the past week to $7,050 per metric ton. The copper 3-month price rose 1.8 percent on the LME to $7,029 per metric ton after falling 0.2 percent during the previous week. Prices for Korean 5052 coil premium over 1050 sheet remained constant, closing the week at KRW 3,890 ($3.78) per kilogram. Closing at CNY 14,700 ($2,386) per metric ton, the price of Chinese lead 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.