Commodities

Palladium continues its record-breaking rally

2020-02-20 16:59:11 GMT (Economies.com)

Palladium futures rose on Thursday, buoyed by high market's sentiment and widespread optimism about a thaw in the coronavirus health crisis.

 

Major factories and companies, especially automakers, revealed that most of their Chinese factories are gradually resuming business in markets amid news of a slowdown in the coronavirus spread.

 

The Chinese health authorities revealed today that coronavirus has infected 75,000 cases, and its death toll rose to 2,000 victims, but infected cases of the coronavirus have slowed.

 

With automakers resuming work, demand on palladium increased, as the metal is heavily used in the manufacturing of car components to reduce pollutant emissions.

 

Major automakers such as general Motors, Fiat Chrysler and Toyota Motor have announced that most of their Chinese factories are working normally again.

 

Palladium March futures rose 1% to trade at $2,595.8 an ounce as of 14:35 GMT, after hitting a high of $2,6742 and a low of $2,561.1.

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