This week Ford Motor Company reported a big drop in third quarter profits due to retooling costs and downtime because of the shift of a major factory to production for the aluminum-bodied 2015 Ford F-150 truck. This did not deter major automakers’ investments.
Novelis opened China’s first plant dedicated to the production of heat-treated aluminum automotive sheet, a $100 million facility expected to supply China’s domestic industry as well as foreign companies doing business there.
The week’s biggest mover on the weekly Automotive MMI® was the 3-month price of copper, which saw a 0.8% decline on the LME to $6,690 per metric ton. This comes on the heels of a 0.6% increase the week before. Following a 0.4% increase in the week prior, the cash price of primary copper fell 0.7% on the LME last week to $6,730 per metric ton. Korean 5052 coil premium over 1050 sheet traded sideways last week, hovering around KRW 3,890 ($3.64) per kilogram. The Chinese lead price traded sideways last week, hovering around CNY 14,700 ($2,393) per metric ton.
The price of US HDG declined 0.1% over the past week, settling at $764.00 per short ton.
The price of US palladium bar rose 0.3% to $764.00 per ounce after falling 4.6% during the previous week. Following a steady week, prices for US platinum bar closed flat at $1,254 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.