Rising star palladium shines brightly

-
The precious metal, which is used in the manufacture of catalytic converters

for petrol engines, scored a record pinnacle on Tuesday at $1,568 per ounce.
The commodity, which is mostly mined in Russia and South Africa, was also buoyed by supply-side woes and solid demand from China—despite a recent economic slowdown in the Asian powerhouse.
Palladium has rebounded sharply since striking a one-year low of $836 per ounce in August, when it was rocked by a strong dollar.
"Demand for palladium in gasoline autocatalysts has seen strong growth over the last few years, driven by Chinese growth and a declining diesel market share following the Volkswagen scandal," said Renaissance Capital commodities analyst Steven Friedman.

Comments

Post a Comment