NYMEX palladium jumps $118 on supply concerns

摘要

NYMEX palladium futures shot more than $100 higher in March 16 trading amid concerns over supply disruption. Palladium for June delivery, the active contract, shot up $118.20 to close at $2,491.90/oz, while April platinum added $9.60 to $1,219.10/oz. “Supply disruptions in the [Artic Palladium] mines could result in a larger-than-anticipated impact on PGM balances, with the producer’s output guidance cut lower,” said TD Securities analysts in a March 16 report. “According to the firm’s base case projections, PGM balances should be cut by a massive 710,000 oz. In this context, the supply disruption is supporting sharply higher palladium prices, particularly as CTA trend followers begin a large-scale buying program on the industrial precious metal amid firming momentum signals.” Artic Palladium is a joint venture between Russian Platinum and Nornickel.