Stock market today: S&P 500 climbs as ongoing AI-led rebound pushes tech higher
The monthly Automotive MMI® registered a value of 103 in March, a decrease of 1 percent from 104 in February, on the back of some small price drops for precious metals, copper and lead.
Meanwhile, monthly auto sales data from February increased to 15.4 million vehicles on an annual basis, according to Automotive News. This rate of sales now comes close to pre-recession level sales in late 2007-early 2008.
We don’t see the slight drop in the automotive index as indicative of trouble in the automotive market per se, though a sales executive at GM has acknowledged that fiscal and structural headwinds exist, but ample credit and rebounding home prices helped auto sales.
We saw across the board price declines from the full range of base metals, steel, rare earth metals and precious metals. A broad commodity drop will have an impact on any industry index measuring underlying price movements.
Select Price Drivers of Auto Index
After falling 6.1 percent, US platinum bar finished the month down. Primary cash copper prices dropped 4.7 percent on the LME to $7,830 per metric ton. The Chinese lead price fell a slight 1 percent over the past month.
Korean 5052 coil premium over 1050 sheet basically held pat last month. Prices for US HDG remained constant this past month as well.
The Automotive MMI® collects and weights 7 metal price points used in automotive production to provide a unique view into automotive metal trends over a 30-day period. 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.