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Palladium is nearby 2000$

Olymp Trade

Palladium continues to skyrocket towards $2000 per ounce. At the beginning of the week, quotes exceeded the psychological level of $1900 and set a local maximum just above $1906. Locally, the increase in palladium prices was triggered by reports of power outages in South Africa, the second largest palladium producer in the world. For almost a week, they have been unable to cope with the energy problem; temporary solutions are consumer blackouts. According to some analysts, in the coming quarter, the price of palladium metal will exceed $2000 per ounce due to this fact.

In the long run, Norilsk Nickel experts predict a continued excess of palladium consumption over production. They expect that the situation will continue until 2025. Emission laws are tightened every year, especially in densely populated countries: China, India, the US and the EU. Therefore, the consumption of metal used in catalysts of machines with internal combustion engines, including hybrids, will increase. On a long planning horizon, the need for a significant increase in palladium production is forecasted, which can only be achieved through the new projects construction, as well as the processing of secondary raw materials.

Olymp Trade Review

Source: https://olymptrade.com/
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