Palladium extends gains, hits all-time high

Economies.com
2021-04-22 14:01PM UTC

Palladium prices rose on Thursday, after posting a record close yesterday, despite the US dollar's rebound against most of its rivals.

 

Several global mining companies forecast a supply shortage of some main industrial metals, especially nickel, palladium and platinum.

 

Analysts also forecast strong demand for palladium from automakers that use the metal in manufacturing environmental-friendly car components.

 

Following expectations of the global economic recovery, most notably in the US and Chinese economies, metals such as copper and palladium will witness a strong demand and prices will be lifted this year.

 

The dollar index rose against a basket of currencies by 0.1% to 91.2 points as of 13:48 GMT, after it hit a high of 91.2 points and a low of 91 points.

 

Palladium June futures rose 0.1% to $2,882 an ounce as of 13:49 GMT, with a high of $2,894 and a low of $2,828.

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