New orders for transportation equipment — including cars and auto parts, defense and nondefense aircraft and parts — fell nearly 35 percent, or $27.8 billion, from July to August 2012, a huge decrease considering new orders for transportation had been climbing for four straight months.
The transportation sector represents the largest decrease in manufacturing durable goods orders overall for that time period. For motor vehicles and parts specifically, both new orders and shipments decreased by around 11 percent from July to August.
Is New Orders Drop Reflected in Automotive Metals Index?
After falling 6.3 percent, the US palladium bar price was the biggest mover on MetalMiner’s weekly Automotive MMI®. US platinum bar prices were off slightly, down $4 per ounce from a week ago.
The price of US HDG finished the week down 1.8 percent.
Following a 2.8 percent increase in the week prior, the copper 3-month price fell 2.4 percent on the LME last week to $8,133 per metric ton. The cash price of primary copper fell 2.3 percent on the LME to $8,130 per metric ton after rising 2.6 percent the week before.
Following a 1.3 percent increase in the week prior, the price of Chinese lead fell 0.3 percent last week. Korean 5052 coil premium over 1050 sheet prices held steady from the previous week.
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.