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Palladium does not stop its growth

Olymp Trade

Palladium continues to grow in value. The NYMEX March futures reached a local maximum of $ 1,527 per ounce, the bullish momentum started from the $ 1,500 zone. At the same time XPDUSD almost touched the value of $ 1569. Most likely in the near future we will see a post-impulse correction. Anyway, the forecast from Citigroup about the rise in prices for palladium to $ 1600 will soon come true.
Meanwhile, one of the major metal producers, Norilsk Nickel, demonstrated excellent reporting for 2018. Revenue growth was 28% ($ 11.7 billion), and EBITDA was 56% to $ 6.2 billion. The company sold palladium from its fund for $ 593 million, compared with $ 285 million last year.
Norilsk Nickel believes that the palladium deficit will increase to 0.8 million ounces (from 0.6 million ounces in 2018) due to new environmental standards in all major markets, in particular the EU's carbon dioxide emissions targets for 2021- 2025 Also, the company is confident that the replacement of palladium with platinum in gasoline engines will not happen yet, despite the large price spread. On the other hand, Norilsk Nickel assumes that some of the fundamental factors that limit platinum growth in 2019 will gradually decrease and the demand for the metal will stabilize.

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Source: https://olymptrade.com/
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