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PALLADIUM PRICE TO BEAT PLATINUM FOR THE 1ST TIME SINCE 2001

On its GFMS Platinum Group Metals Survey released earlier this week, Thomson Reuters said that the price of palladium is set to exceed the price of platinum for the first time since 2001. According to Mining Weekly, “the price gap between platinum and palladium – which averaged just over $1 000/oz between 2007 and 2012 – is now at about $100/oz”.

 

Speaking about the prospect of palladium overtaking platinum, Thomson Reuters precious metals demand manager Ross Strachan said: “In our view, it’s more a case of when, not if,”. Strachan said palladium’s persistent large deficit would see it above $850/oz well before year-end.

 

According to the report, mine production of platinum fell 2% to 6.05-million ounces in 2016, and “global platinum jewelry scrap edged 5% higher in 2016 to 0.57-million ounces”. Platinum jewelry demand fell 12% to 2.18-million ounces (67.7 t), “with China accounting for the bulk of this contraction, hindered by a softer economy and a market share loss to yellow 18-carat jewelry”.

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