Palladium steadies but still far from record highs

Palladium prices held higher during the day as the US dollar stabilized against most major currencies and, ahead of the outcome of negotiations between the United States and China.

US Treasury Secretary Stephen Munchen said Washington and Beijing were close to reaching a trade agreement but gave no details.

Meanwhile, the Automobile industry continues the demand for palladium to be used as a component to reduce exhaust emissions in cars. However, analysts say the metal prices was exposed to a bubble burst after approaching the $1600 barrier.

Earlier this year, Russia announced a plan to ban palladium exports from May to  October.

In terms of trading, the dollar index (against a number of major currencies) stood at 96.9 points at 14:19 GMT, reaching a high of 97.07 points and a low of 96.8 points.

Palladium prices (June delivery) rose to $1334.5 an ounce by 14:19 GMT, hitting a high of $1340.7 and a low of $1334.