Palladium declines 2% as dollar declines

Economies.com
2023-12-01 18:00PM UTC

Palladium prices fell on Friday as dollar lost ground against major rivals amid concerns about demand on industrial metals next year.

 

A Caixin survey in China showed factory activities grew unexpectedly in November, however the main official manufacturing PMI declined.

 

Dollar lost ground today, providing some support to most industrial metals, except palladium, with the greenback suffering from weaker US inflation data and a speech later today by Fed Chair Jerome Powell. 

 

Weak inflation data in both the euro zone and the US enforced the prospects of no more policy tightening this year, as both regions prepare for an interest rate cut in 2024. 

 

Otherwise, the dollar index fell 0.3% as of 17:47 GMT to 103.2, with a session-high at 103.7, and a low at 103.2.

 

Palladium March futures fell 0.5% to $1,015 an ounce as of 17:48 GMT, while December futures fell 2%. 

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