Commodities

Palladium climbs but remains below $2000

2022-05-23 17:29:55 GMT (Economies.com)

Palladium prices climbed today but remained below $2000 an ounce despite ongoing concerns about global supplies shortages. 

 

Russian data indicate a global palladium shortage of 100 thousand ounces, while Nickel oversupplies are expected to hit 37 thousand tones in 2022.

 

Nornickel, the world's largest palldium and nickel producer, reported a drop in its output last year due to mining issues and accidents in refineries. 

 

The company expected in February that palladium deficiency would hit 300 thousand ounces, with nickel oversupplies hitting 42 thousand tones this year.

 

Palladium 

 

Palladium futures due in June rose 2.6% as of 14:28 GMT to $1,988 an ounce. 

 

Nickel 

 

Nickel futures rallied 6.9% to $27,925 a tone as of 14:40 GMT.

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