Palladium extends losses to near $2000

Palladium prices declined on Tuesday as the dollar  rose against major rivals. 

The decline comes as dollar strengthens to 20-year highs at 103.8, with a 0.1% gain so far.

A stronger dollar hurts palladium and other currencies and makes them costlier to holders of other currencies. 

The Fed announced last week a hike of 50 basis points in interest rates to below 1%, the largest such hike since 2002,

Investors are concerned such policies are leading the world to global recession and lower demand on commodities. 

China

China remained under lockdown due to a new Covid 19 infectious wave, in turn hammering trade and industrial demand.

Palladium futures due in June fell 0.4% to $2,036 an ounce as of 14:34 GMT.