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Palladium is nearby 2000$

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

Wednesday, 11 Dec, 2019 / 1:42

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