The monthly Automotive MMI® registered a value of 93 in November, a decrease of 1.1% from 94 in October.
The small monthly loss will have little effect on the investment major producers are making in both automotive steel and aluminum automobile production. Automotive is a rare bright spot in an overall down month for commodity metals and construction of automotive factories is booming as well. Manufacturing construction is fueling economic growth in the US, and automotive plants in Toledo, Ohio, and Oswego, N.Y., are being retooled for the production of automotive aluminum.
US auto sales were up 6% in October and demand for new cars and trucks remains strong, fueling that manufacturing construction. AK Steel executives said this week that total growth in the company’s automotive segment will help it weather the recent in-roads made by aluminum in high-volume vehicles like the Ford F-150.
CEO James Wainscott said half of the company’s shipments – including those from its newly acquired Dearborn, Mich., facility – are geared toward the automotive market. As 2014 models reached showroom floors in October, it’s likely that automakers will soon restart bulk purchases of raw materials for their newly retooled factories.
At $1,238 per ounce, US platinum bar was down 4.3% for the month. After rising the previous month, US HDG prices dropped 2.1% to $758.00 per short ton.
After dropping the previous month, the price of US palladium bar prices rose 4.0% to $799.00 per ounce. The primary copper cash price rose 1.5% on the LME to $6,835 per metric ton after falling the previous month. After dropping the previous month, the copper 3-month price prices rose 1.2% on the LME to $6,765 per metric ton.
Korean 5052 coil premium over 1050 sheet traded sideways last month, staying around $3.64 per kilogram. The price of Chinese lead held pat last month at $2,393 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 over a 30-day period. 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.