Automotive production is up so much due to low oil prices that the price of palladium is rising.
According to several analysts, aluminum may be replacing copper as the bellwether commodity that predicts economic trends in the larger economy because of its expanded industrial and automotive uses.
The week’s biggest mover on the weekly Automotive MMI® was the price of US palladium bar, which saw a 3.7% increase to $793.00 per ounce. This comes on the heels of a 1.2% decline the week prior. Following a 3.6% increase in the week prior, the price of US platinum bar fell 1.6% last week to $1,249 per ounce.
The price of US HDG fell 1.0% over the past week to $717.00 per short ton. This was the fourth week in a row of declining prices.
The copper 3-month price fell 2.6% on the LME over the past week to $5,455 per metric ton. This was the fourth week in a row of declining prices. The primary copper cash price fell 2.6% on the LME over the past week to $5,485 per metric ton. This was the fourth week in a row of declining prices. The price of Chinese lead fell 0.4% to CNY 12,650 ($2,026) per metric ton after rising 2.4% the week before. Korean 5052 coil premium over 1050 sheet traded sideways last week, hovering around KRW 4,490 ($4.17) per kilogram.
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.