This Morning in Metals: GM sales in China rise 5.2% in Q2
This morning in metals news: General Motors reported strong Q2 sales in China; miner Anglo American said it had completed its first maritime biofuel trial; and, lastly, the copper price has trended sideways so far in July.
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General Motors reports strong China sales in Q2
General Motors reported its Q2 sales with its joint ventures in China rose by 5.2%.
The automaker said vehicle deliveries totaled more than 750,000.
“The growth was driven by luxury and premium vehicles, midsize/large SUVs and MPVs, including the Cadillac CT5 and XT6, and Buick LaCrosse, Enclave and GL8 family,” GM said. “Sales of new energy vehicles (NEVs) across GM’s brands also posted a strong performance.”
GM also touted the expansion of its Ultium platform to China.
“In addition to offering popular EVs underpinned by SAIC-GM-Wuling’s locally developed GSEV platform, GM is bringing to China its advanced global EV platform – Ultium – which will empower a range of multi-brand and multi-segment EVs,” GM said. “The first Ultium-based model for China, the Cadillac LYRIQ all-electric SUV, made its global public debut at Auto Shanghai 2021, before it goes on sale early next year.”
Anglo American completes maritime biofuel trial
Miner Anglo American said it had completed a maritime biofuel trial during a voyage from Singapore to South Africa.
The biofuel came from waste cooking oil from Singapore’s food and beverage industry, the miner said. The biofuel then powered a chartered capesize ship from Singapore to South Africa.
“Low emission ocean freight is crucial in driving the long-term sustainability of the maritime industry,” said Peter Whitcutt, CEO of Anglo American’s marketing business. “Shaping an effective transition requires a comprehensive framework of complementary solutions, in which alternative marine fuels have an important role to play.”
LME copper price flat in July
After falling off the all-time high reached in May, the LME copper price has trended flat so far in July.
The LME three-month price closed last week at $9,475 per metric ton. The price had opened the month at $9,368 per metric ton.
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