{"id":1139492,"date":"2019-09-20T14:16:05","date_gmt":"2019-09-20T19:16:05","guid":{"rendered":"https:\/\/www.mining.com\/?p=1002486"},"modified":"2019-09-20T14:16:05","modified_gmt":"2019-09-20T19:16:05","slug":"palladium-price-peaks-at-new-record-high-rhodium-roaring","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1139492","title":{"rendered":"Palladium price peaks at new record high, rhodium roaring"},"content":{"rendered":"<p>Palladium hit a fresh all-time high on Friday on persistent worries about supply from South Africa and prospects of a pickup in demand in China.<\/p>\n<div class='d-flex justify-content-center'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>Nymex Palladium futures gained 1.5% to $1,636.60  an ounce in New York in morning trade before easing back. Palladium&#8217;s gains for the year now top 40% or $477 per ounce. <\/p>\n<p>The threat of labour unrest in South Africa, which together with Russia are responsible for more than 80% of global platinum group metal output, loomed large again on Friday after the militant union Amcu re-elected its firebrand leader. <\/p>\n<p>Amcu rose to prominence in 2012 when clashes between police and striking workers at the Marikana mine in the African nation&#8217;s prolific platinum belt left 34 dead.   <\/p>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote>\n<p>Any signs of stimulus from the Chinese auto market could lead to additional upside price potential.<\/p>\n<p><cite>BMO Capital Markets<\/cite><\/p><\/blockquote>\n<\/figure>\n<p>More than three-quarters of palladium ends up in catalytic converters for gasoline engines and the rise in the precious metal comes despite a severe slowdown in vehicle sales around the world.<\/p>\n<p>Top consumer China has seen sales drop for 14 out of the last 15 months and in August 9.9% fewer cars and truck rolled off lots compared to last year. Annual sales in no 2 market US is also expected to come in below 2018\u2019s total.<\/p>\n<p>What has lifted palladium is greater average loadings per vehicle as more stringent emissions standards are implemented in China and Europe. BMO Capital Markets in a recent note said &#8220;any signs of stimulus from the Chinese auto market could lead to additional upside price potential.&#8221;<\/p>\n<h2>Robust rhodium<\/h2>\n<p>Sister metal rhodium is also on a roll, more than doubling in price so far this year. Rhodium, also used mainly in autocatalysts, exchanged hands at $5,400 an ounce on Friday in New York, the highest in 11 years.  <\/p>\n<p>Due to rarity, the small size of the market and concentrated supply prices are typically volatile. <\/p>\n<p>Rhodium (and sister metal ruthenium) stands out when it comes to price swings \u2013 rhodium touched $10,025 an ounce just before the 2008 financial crisis hit, but would drop 90% before the end of that tumultuous year.<\/p>\n<p>Platinum was trading flat on Friday at $945.10 after briefly scaling $1,000 an ounce two weeks ago. Given the historically weak price, some investors are using the opportunity to stock up on the metal. <\/p>\n<p>ETF holdings of platinum has expanded rapidly this year, reaching 3.3m ounce last week, up 38% or 916,000 ounces in 2019. <\/p>\n<p>In contrast, palladium ETF vaults have been emptying as investors lock in some of the gains. Palladium-backed ETF holdings total 655,000 ounces, down 120,000 ounces year to date.  <\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Any signs of stimulus from the Chinese auto market could lead to additional upside price potential.&#8221;<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[369,4],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1139492"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1139492"}],"version-history":[{"count":2,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1139492\/revisions"}],"predecessor-version":[{"id":1139494,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1139492\/revisions\/1139494"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1139492"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1139492"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1139492"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}