The Troubled Asset Relief Program was passed in 2008, in the wake of Lehman Brothers‘ bankruptcy, as the nation’s financial system was on the verge of collapse and economists feared another Great Depression. At the height of the bailout, Treasury owned a significant stake in all of the major US banks, such as Citigroup and Bank of America, two of the nation’s Big Three automakers — General Motors and Chrysler Group – as well as one of its largest insurers, AIG.
But with the sale of the Ally stock, Treasury now only holds stakes in 35 small community banks.
The week’s biggest mover on the weekly Automotive MMI® was the price of US palladium bar, which saw a 4.0% increase to $811.00 per ounce. This comes on the heels of a 3.9% decline the week prior. For the third week in a row, the price of US platinum bar dropped, falling 0.4% to $1,187 per ounce.
Following a 3.6% increase in the week prior, the price of US HDG fell 1.5% last week to $764.00 per short ton.
The cash price of primary copper rose 0.9% on the LME to $6,360 per metric ton after falling 2.6% during the previous week. The 3-month price of copper rose 0.8% on the LME to $6,319 per metric ton after falling 2.4% during the previous week. The price of Chinese lead dropped 0.8% this week, closing out the third consecutive week of falling prices at CNY 12,650 ($2,034) per metric ton. At KRW 3,890 ($3.52) per kilogram, the week finished with no movement for Korean 5052 coil premium over 1050 sheet.
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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.