Automotive Sector Demand Set to Push Palladium Prices Up

ETF Daily News reported that of the key precious metals, palladium has held up the best this year. Moving forward, palladium prices are set to move even higher on the back of demand from the automotive sector.

As quoted in the market news:

While investor sentiment for some precious metals might oscillate, there is no choice for car-makers when it comes to palladium, as the commodity is needed for manufacturing their products. And with China beginning to crack down on emissions, the automobile makers there are being forced to bring their catalytic converters up to first-world standards—which means greater demand for palladium, since approximately half of all palladium is used in catalytic converters.

Click here to read the full ETF Daily News report.