NEW YORK (Scrap Register): Palladium prices have remained strong, even Monday when other precious metals were selling off, said Commerzbank in a snippet.
Spot palladium topped $1,082 an ounce early Tuesday for its strongest level of the month so far. The world’s largest palladium producer envisages a supply deficit of around 1 million ounces on the global palladium market this year, Commerzbank added.
This is significantly higher than has been forecast so far by Johnson Matthey, for example. That said, the producer does expect demand in the automotive industry to shift from palladium back to platinum if the price differential between the two precious metals widens any further. Currently the price gap is around $260 per troy ounce.