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Bloomberg reported that palladium prices saw their largest loss in six weeks on the back of weaker demand from China.
Bloomberg reported that palladium prices saw their largest loss in six weeks on the back of weaker demand from China.
As quoted in the publication:
Shipments of palladium, used in catalytic converters for cars, plunged 42 percent to 1.27 metric tons in July from a year earlier, customs data show. Chinese consumers bought the fewest passenger vehicles in 17 months in July.
“This import number really highlights the fact that demand is clearly following the trend of weaker manufacturing and weaker auto sales in China,” Mike Dragosits, a senior commodity strategist at TD Securities in Toronto, said in a telephone interview. “Weaker demand in China is really hurting the palladium story.”
Palladium futures for September delivery lost 3 percent to settle at $604.45 an ounce at 1:02 p.m. on the New York Mercantile Exchange, the biggest decline since July 7.