Chart of the week: palladium hits another high

Palladium hit another record high this week, with the spot price reaching $1,700 an ounce.

967_COTW-palladium

Onwards and upwards. Palladium hit another record high this week, with the spot price reaching $1,700 an ounce. It has gained a third in 2019 alone.

The metal is used mainly in catalytic converters for petrol engines. Global car sales have dipped, but demand is climbing steadily owing to tougher emissions standards in China, while a shift from diesel to petrol cars in Europe following the furore over diesel emissions is also bullish.

Meanwhile, supplies, which stem largely from South Africa and Russia, are not expected to increase this year, notes Henry Sanderson in the Financial Times. The rally looks set to endure, although concern over global growth and intensifying trade tension is likely to cause setbacks.

Viewpoint

Bob Hoye, Halkin Services

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