Palladium bursts above $1 500 per oz

 

 

Bloomberg reports that:

palladium powered above $1 500 to hit a record, extending a powerful rally driven by an acute shortage of supply as car manufacturers scramble to get hold of the material to meet stringent emissions controls.

Spot palladium rose as much as 1.7% to $1 505.46/oz, and was at $1 501.89 at 11:38 a.m. in Singapore, with prices set for a seventh monthly gain. The silvery-white metal has more than tripled since January 2016.  Citigroup said this month that further gains may be in store, warning the market will only balance with a shock to demand and prices may hit $1,600. The global deficit looks set to “widen dramatically” this year, according to Johnson Matthey, a leading maker of autocatalysts, and BlackRock’s Evy Hambro told Bloomberg TV this week that a “massive shortage” has built up as the auto market moves away from diesel-powered vehicles.

Newgenco’s Dablo Project remains the most exciting palladium-dominant exploration project outside of the producing mineral fields in Russia, South Africa and Zimbabwe

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