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Rising Palladium Prices Could Mean Platinum Switch, SP Angel
Bloomberg reported that high palladium prices could drive a switch to using platinum for catalytic converts, SP Angel Corporate Finance LLP has said. Palladium has gained 22 percent this year while platinum has risen only 8.1 percent.
Bloomberg reported that high palladium prices could drive a switch to using platinum for catalytic converts, SP Angel Corporate Finance LLP has said. Palladium has gained 22 percent this year while platinum has risen only 8.1 percent.
As quoted in the publication:
The CHART OF THE DAY shows an ounce of palladium bought 0.59 ounces of platinum last week, the highest ratio since September 2002. Auto companies, the biggest buyers, cut consumption of palladium by 40 percent in 2002 after prices climbed to a record in 2001 and used more platinum, according to Johnson Matthey Plc. Both metals are used in catalytic converters to curb harmful emissions.
SP Angel analyst, John Meyer, said:
There will come a point where if palladium prices move up much closer to platinum prices then car companies might move to using a bit more platinum again, rather than palladium. Price changes will have a shorter-term impact on purchasing, as in companies and traders maintaining stock levels. It does take a while for fundamental consumption to change.
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