Palladium declines over 7% below $1900

2022-05-12 14:34:17 GMT (Economies.com)
Palladium declines over 7% below $1900

Palladium prices declined on Thursday as the dollar strengthens against major rivals, after palladium gave up earlier gains after Russian launched an attack against Ukraine. 

 

The UK government announced plans to hike customs on palladium and platinum imports from Russia. 

 

Palladium is extensively used in electronics, and in car parts used to cut down emissions. 

 

However palladium and other metals became under recent pressure as Chinese demand fades due to a new Covid 19 wave over there.

 

Dollar's strength is also weighing heavily on palladium and all commodities, after hitting 20-year highs recent on haven demand. 

 

The gains came as the Fed plans multiple rate hikes throughout the year to arrest inflation.

 

The dollar index rose 0.6% as of 13:42 GMT to 104.5, with a session-high at 104.7.

 

Palladium 

 

Palladium futures due in June fell 7.3% as of 13:$3 GMT to $1,870.5 an ounce.

 

Copper

 

Copper futures due in July fell 3.4% to $4.06 a pound as of 13:39 GMT.

 
 
 
  Symbol Last Change Chg.%
1.0748
0.0096
0.8974%
1.2640
0.0078
0.6189%
22.111
0.199
0.910%
114.003
3.864
3.508%
117.53
0.13
0.11%
1853.190
-3.245
0.175%
 
 
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