DJIA28992.41
LIVE-224.83(-0.77%)
NDX9446.69
LIVE-181.14(-1.88%)

Palladium Tops $2,000 as Record-Breaking Rally Boosts Miners


Tuesday, 17 December 2019 20:39 WIB

GOLDEMASPaladium


c_740_198_16777215_00_images_assets_12Apaladium-reuters.jpg

Palladium rose above $2,000 an ounce for the first time, extending a powerful annual advance driven by a sustained global deficit.

Palladium has gained 57% this year, with market watchers saying the shortfall will be hard to fill. That’s great news for producers of the metal, used mainly in autocatalysts, which have seen their shares surge.

No. 1 miner has gained 51% in 2019. The effect has been even more dramatic for South African platinum producers, which dig up palladium alongside their primary metal. The FTSE/JSE Africa Platinum Mining Index has tripled this year, the biggest-ever annual gain.

On the other hand, higher prices don’t affect carmakers too much, because palladium is only a small part of the overall production cost, said Ole Hansen, head of commodity strategy at Saxo Bank A/S.

Spot palladium climbed as much as 1.1% to $2,000.35 an ounce, before paring gains to trade little changed at $1,976.68 at 6:49 a.m. in New York.

Other precious metals edged higher Tuesday, with spot gold adding 0.2% to $1,479.31 an ounce.

Source : Bloomberg


RELATED NEWS

  • Gold futures rallied on Friday, posting a gain of 3.9% for the week and logging their highest most-active contract settlement since February 2013. "Gold has broken out of its historical shackles as a...

POPULAR NEWS

DISCLAIMER

Seluruh materi atau konten yang tersaji di dalam website ini hanya bersifat informatif saja, dan tidak dimaksudkan sebagai pegangan serta keputusan dalam investasi atau jenis transaksi lainnya. Kami tidak bertanggung jawab atas segala akibat yang timbul dari penyajian konten tersebut. Semua pihak yang mengunjungi website ini harus membaca Terms of Service (Syarat dan Ketentuan Layanan) terlebih dahulu dan dihimbau untuk melakukan analisis secara independen serta memperoleh saran dari para ahli dibidangnya.