Palladium rallies for fifth straight session

Palladium prices jumped nearly two percent in American trade away from August 16, 2017 lows for the sixth straight session, even as the dollar index rebounded from March 28 lows for the third session, following earlier data from China, the world's largest metals consumer, and ahead of US consumer confidence data. 

As of 01:32 GMT, palladium rose 1.94% to $985.15 an ounce from the opening of $966.38, marking March 26 highs, while the dollar index climbed 0.08% to 89.83 from the opening of 89.75. 

Earlier Chinese data showed the trade deficit at 30 billion yuan, or $5 billion in March, compared to a surplus of $33.7 billion in February, while analysts expected a surplus of $27.1 billion. 

China's new loans rose to 1.120 trillion yuan from 839 billion in November, below expectations of 1.326 trillion, while MS money supply rose 8.2% y/y in March, slowing down from 8.8% in February, and missing expectations of 8.9%. 

Palladium, a precious metal 20 times rarer than gold, is now recovering on short-covering after a slump away from record highs hit in mid-January at $1,140 an ounce, with Russia and South Africa providing 75% of global palladium supplies.