Palladium continues to rally on supply shortage expectations

Palladium prices rose on Friday, as the US dollar fell against its peers, amid expectations of a drop in the global supply of some industrial minerals.

The International Monetary Fund raised its projections for the global GDP to grow by 6% in 2021.

The Russian mining company Nornickel said last month that its production of nickel, copper, platinum and palladium would be lower by 15-20% than its primary target.

The company, which is the world's largest producer of palladium, added that based on calculations of February mine closures due to water problems, its production of palladium, nickel, copper and platinum would drop by 710,000 ounces.

The dollar index fell against a basket of major currencies by 0.1% to 91.5 points as of 13:50 GMT, after hitting a high of 91.8 points and a low of 91.5 points.

In terms of trading, palladium futures rose for June delivery by 13:50 GMT by 0.8% to $ 2762 an ounce, and the highest price was recorded at $ 2787.5 and the lowest price at $ 2725.