The price of palladium has begun to rise to $ 1400 per ounce, after one of the world’s largest precious metal consumers predicted the “hunger” for the raw material this year. And the price really went over $ 1400 for the first time, setting a record.
Johnson Matthey, in Platinum Group Metals’s market report, said in his analysis that metal supply would exceed the mining capacity of mines by almost 1 million ounces in 2019 as stricter emission standards have boosted demand.
“The palladium market gap seems to have risen dramatically this year due to higher emissions requirements, with demand in Europe and China rising twice.” – stated in the report.
Over the past years, however, even with a high demand for precious metal, investors have intervened with asset sales, keeping the price stable.
The silver metal, which is produced in parallel with nickel and platinum, is now more valuable than gold, but it has become the main target of thieves who steal the catalysts of cars and sell them expensive for scrap.
In a recent report, Citi predicted a rise in the palladium price to $ 1600 over the next three months.
Source: Financial Times
Trader Martin Nikolov