Copper took a big tumble this week in the automotive MMI.
Copper extended declines from a 4-year low, while aluminum languished near its weakest in 7 months on fears oil’s slump signals a slowdown in economic growth and weaker commodities demand.
The week’s biggest mover on the weekly Automotive MMI® was the copper 3-month price, which saw a 2.7% decline on the LME to $6,105 per metric ton. This week marked the third in a row of declining prices for the metal. For the third week in a row, the primary copper cash price dropped, falling 2.5% on the LME to $6,168 per metric ton. Closing at KRW 3,890 ($3.55) per kilogram, Korean 5052 coil premium over 1050 sheet remained unchanged for the week. Closing at CNY 12,650 ($2,036) per metric ton, the price of Chinese lead remained unchanged for the week.
At $758.00 per short ton, the price of US HDG finished the week down 0.7%.
US palladium bar saw a 2.2% decline over the past week to $790.00 per ounce. Closing at $1,217 per ounce for the week, US platinum bar rose by a slight 0.6%.
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.