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Palladium is trying to rise again

Olymp Trade

NYMEX June palladium futures price is hovering above $1400/oz. It has not been possible to break higher since early April, although this has already been the 3rd attempt made by bulls. On the other hand, bears are not in a hurry to sell and the price has been consolidating for the 2nd day in a row. This can be a signal for the quotes to return up to $1470 and higher. If the sellers win, the price will probably drop down to $1330 per ounce.

Norilsk Nickel, the largest supplier of palladium in the market, announced its results in the QI 2019. Palladium production for this period amounted to 770 thousand ounces (+ 32% compared to the first quarter of 2018) and platinum production - 204 thousand ounces (+ 48% compared to the first quarter of 2018). Almost the entire volume of the platinum group metals was produced from Russian raw materials. The increase in production is associated with a seasonal increase in the processing volume of the previously accumulated unfinished production. Norilsk Nickel also confirmed its production forecast in 2019.

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Source: https://olymptrade.com/
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