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Bloomberg reported that palladium prices reached their highest in two months this week. Premier Li Keqiang announced that China would accelerate the construction of electric car charging facilities, sparking interest in the metal, according to the publication.
Bloomberg reported that palladium prices reached their highest in two months this week. Premier Li Keqiang announced that China would accelerate the construction of electric car charging facilities, sparking interest in the metal, according to the publication.
As quoted in the market news:
The auto industry accounts for about three-quarters of demand for palladium, according to Morgan Stanley.
“They want to start doing more electric cars,” Peter Thomas, a senior vice president for metals at Zaner Group LLC in Chicago, said in a telephone interview. “If they’re speeding it up, it would make sense for palladium to go up.”
Palladium futures for December delivery jumped as much as 5.4 percent to $644 an ounce on the New York Mercantile Exchange, the highest since July 16. Prices were at $643.35 at 10:31 a.m. local time. Platinum was little changed on the Nymex.