The axiom that what goes up must come down is shown in full in this week’s automotive MMI as the Russia-Ukraine conflict that boosted palladium is now dragging it down after a tenuous ceasefire has taken hold.
ArcelorMittal introduced a new line of high-strength automotive steel last week and Ford Motor Co. began a PR tour to educate dealers and local media about its aluminum-bodied 2105 F-150 truck. It wasn’t all good news for Ford, though, as MorganStanley downgraded the automaker over what it saw as the excessive cost to switch to aluminum body auto production.
The week’s biggest mover on the weekly Automotive MMI® was the price of US palladium bar, which saw a 2.3 percent decline to $850.00 per ounce. This week marked the third in a row of declining prices for the metal. Following a 0.3 percent increase in the week prior, the price of US platinum bar fell 1.9 percent last week to $1,378 per ounce.
The price of US HDG fell 1.5 percent to $767.00 per short ton after rising 0.5 percent the week before.
The copper 3-month price declined to $6,870 per metric ton after drifting 0.5 percent on the LME since last week. With a 0.4 percent decrease on the LME, the primary copper cash price closed the week at $6,897 per metric ton. At KRW 3,890 ($3.76) per kilogram, the price of Korean 5052 coil premium over 1050 sheet did not change since the previous week. Following a steady week, prices for the price of Chinese lead closed flat at CNY 14,700 ($2,398) 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.