Commodities

Palladium continues to rise following Russian decision

2019-03-20 15:00:12 GMT (Economies.com)

Palladium prices rose for the second consecutive session following the Russian government's decision on the metal, in conjunction with the stability of the dollar against most major currencies.

 

At 13:44 GMT, the dollar index (against a number of major currencies) stabilized at 96.4 points, with a high of 96.5 points and a low of 96.3 points.

 

This comes ahead of the announcement by the Federal Reserve of its decision on the rate of interest, which will be announced later today, which will affect the US currency movements in the markets.

 

Separately, the Russian government -the world's largest producer of palladium-announced earlier this month that it would ban the exports of the Palladium from May to November this year, which could lead to a shortage of supply on global markets.

 

In terms of trading, by 13:46 GMT, palladium prices (June delivery) rose by 0.4% to $1558.6 an ounce, with the day's high of $1565.5 and the low at $1548.3.

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