Palladium under pressure from dollar, Russian exports

Palladium prices declined today as dollar gained ground and amid expectations of increased production and exports from Russia. 

Russia

Russian mining giant Nornickel recently expected a global supplies deficit of 100 thousand ounces in palladium, and an oversupply of nickel of 37 thousand tones in 2022. 

That's a a reduction in expectations compared to February, with Nornickel expecting improved output this year compared to last year. 

Last February, Nornickel expected a shortage of 300 thousand ounces in global palladium supplies. 

Russian President Vladimir Putin recently told European leaders he's willing to support global efforts to fix the foods crisis by opening safe passages for food and minerals ships through the black sea.

The dollar index rose 0.7%  to 102.4 as of 15:11 GMT, with an intraday high at 102.5. 

Palladium futures due in June fell 0.4% to $1,987 an ounce, as of 15:11 GMT.