Palladium Faring Better Than Analysts Anticipated

Bloomberg reported that palladium’s low so far this year has been $646.95 per ounce, higher than 17 out of 20 analysts forecast in a London Bullion Market Association survey published in January.

As quoted in the market news:

‘It just has stronger fundamentals than most of the other metals,’ said Rohit Savant, an analyst at CPM Group Inc. in New York. ‘You have a lot of usage in the auto market, much more than platinum. The U.S. and China, which are among the larger users, are both seeing healthy growth in demand for cars.’

The most bearish forecast in the LBMA survey was for palladium to fall to $550 this year, with the average high estimate at $851. Prices may reach $850 this year, Savant said.

Click here to read the full Bloomberg report.