Palladium Prices W/E Mar 20, 2018

Palladium prices appear unable to gain any traction with the continued pressure on global equity markets, particularly in the US where many well-known tech stocks which led equities higher have fallen from favor. The S&P 500 Index remains 10% lower on the year with the Nasdaq 100 Index down by a similar 11%; palladium prices have declined by a larger 19% from January highs.

Reports of palladium outflows from ETF securities being used to satisfy near-term consumer demand may be reducing the tightness in the market and dampening investor assessment of prospective price growth. With only a moderate increase in new sales anticipated for the Chinese vehicle market and a possible slight decline forecast for the US this year, the pace of incremental growth in palladium demand may be easing, leading to a further shrinking of the supply deficit compared to that in recent years.

If so, the record high for palladium set in January of $1,139 an ounce, more than $200 above current prices, may prove to be the peak for this cycle.

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Material contained in this report is based upon publicly available market data believed to be accurate and reliable and is presented for informational purposes only. KMR assumes no warranty or liability for its completeness, nor guarantees future market performance. Further, KMR assumes no liability for direct or indirect loss or damage from the use of information contained in this report, or from any unforeseen errors or omissions.

About the author

Patrick Magilligan

PGM sales veteran Pat Magilligan is the Director of PGM Marketing at Key Metal Refining LLC. Magilligan has over three decades of experience in commodities trading, sales, and research, working with the likes of Merrill Lynch, Prudential Securities, and A-1 Specialized Services & Supplies Inc.