Palladium falling as concerns about sanctions ease
NEW YORK (Scrap Register): Palladium prices have fallen back as the U.S. considers easing sanctions against Russia’s Rusal, said Commerzbank.
This in turn has reduced market fears that the Trump administration will not extent sanctions to Nornickel, a major palladium producer.
As of 8:02 a.m. EDT, Nymex June palladium was $13 lower to $966.55 an ounce.
Palladium has fallen as far as $955.75 so far Tuesday after it had been as high as $1,047.75 last week on worries that sanctions would limit the palladium supply from key producer Russia.
As such, it has followed base metals prices on their downward trajectory now that the U.S. is considering lifting the sanctions against Rusal and probably will not impose any further sanctions against Russia, Commerzbank added.
In response, the price gap to platinum has narrowed to $50 per troy ounce again.