This morning in metals news, Kobe Steel’s share price continues to plummet in the wake of its data falsification scandal, London copper hits a three-year high and palladium is having a strong 2017.
Kobe Steel Shares Hit Lowest Price Since 2012
Kobe Steel, Japan’s third-largest steelmaker, continues to see its share price drop on the heels of its data falsification scandal.
The fallout from the scandal has already seen Kobe lose approximately $1.8 billion in market value, Reuters reported.
On Friday, Hiroya Kawasaki, Kobe’s chief executive, said about 500 companies received falsely certified products from Kobe, which was more than double a previously released number, according to the Reuters report.
LME Copper on the Rise
London copper is on the way up again, this time rising to hit a three-year high, Reuters reported.
The metal eclipsed the $7,000 mark, powered in part by good news on the Chinese economy, according to the report.
Palladium Powered by Automotive Demand
Recently, the palladium price recently eclipsed that of platinum for the first time in 16 years.
It’s been that kind of year for palladium.
According to a CNNMoney report, 78% of palladium demand this year came from the automotive market.