There are Four things to know about palladium

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Published : November 19th, 2012
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Category : On the Web
Gulf News, in its November 19, 2012 article, reports that There are Four things to know about palladium.

Extract :

 

 

 

 

What?


Palladium is part of the platinum group metals that is used extensively in manufacturing. It has a reasonable strong correlation to platinum but also other precious metals such as gold and silver. Its price during the last couple of months has primarily been driven by the movement in gold and platinum. At the start of October the metal was trading at $630, but by the end of the month it had fallen to $595. Early November saw it above the $600 mark, but last week it jumped by seven per cent in a day between Tuesday and Wednesday.


Why?


According to Ole Hansen, head of commodity strategy at Saxo Bank: “The unilateral spike was triggered by Johnson Matthey, a world leader in platinum distribution, who in their 2012 interim review for palladium projected a shortfall of 915,000 ounces for 2012 due to lower mine supply, less Russian stock sales and record auto catalytic demand.


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“While platinum is very dependent on mine supply from South Africa, palladiums biggest single source of supply for many years has been from the release of stocks accumulated by the former Soviet Union. These reserves, whose numbers have never been released, are dwindling and could be gone within a few years, leaving mining and scrap as the two main sources of supply.”


What’s next?


Hansen believes the market will continue to focus on the supply deficit, but whether this will result in an better performance than platinum remains to be seen. “Palladium is the least traded of the two and often suffers from lack of investor interest due to its illiquidity and ability to trigger sharp price moves in both directions. It remains the worst performing metal this year as its down five percent compared to minus two per cent for copper and plus 10 percent on platinum,” he added.

 

 

Read the rest of the article at Gulf News
Data and Statistics for these countries : South Africa | All
Gold and Silver Prices for these countries : South Africa | All
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