Tuesday, 17 December 2019 20:39 WIB |
PRECIOUS METALS |PaladiumEMASGOLD
Palladium rose above $2,000 an ounce for the first time, extending a powerful annual advance driven by a sustained global deficit.
Palladium has gained 57% this year, with market watchers saying the shortfall will be hard to fill. That™s great news for producers of the metal, used mainly in autocatalysts, which have seen their shares surge.
No. 1 miner has gained 51% in 2019. The effect has been even more dramatic for South African platinum producers, which dig up palladium alongside their primary metal. The FTSE/JSE Africa Platinum Mining Index has tripled this year, the biggest-ever annual gain.
On the other hand, higher prices don™t affect carmakers too much, because palladium is only a small part of the overall production cost, said Ole Hansen, head of commodity strategy at Saxo Bank A/S.
Spot palladium climbed as much as 1.1% to $2,000.35 an ounce, before paring gains to trade little changed at $1,976.68 at 6:49 a.m. in New York.
Other precious metals edged higher Tuesday, with spot gold adding 0.2% to $1,479.31 an ounce.
Source : Bloomberg