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Palladium overcame 2000$

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Palladium briefly overcame the psychological mark of $2000 per ounce. On Tuesday, the spot price of the metal updated its all-time high to $2002, after which a correction began. Palladium has lost 3.3% and is currently trading near $1935. Probably the level of $2000 for some time will prevent the growth of quotes, however, it is very likely that there will be new price highs up ahead.
There are fundamental reasons for this, which have remained unchanged for a long time. The supply of metal remains limited, while demand is growing. Almost 70% of the metal produced falls to the automotive sector, where it is used in autocatalysts of exhaust pipes. It is likely that in the coming years the market will face a larger deficit, which could even lead to the practice of used autocatalysts processing. Local growth drivers are interruptions in South Africa’s electricity related to the problems of Eskom electricity company, as well as a 6% decrease in Norilsk Nickel palladium production in Q3 of 2019.

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Source: https://olymptrade.com/
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