Platinum Group Metals (PLG)

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$PLG Commerzbank: U.S. Auto Sales May Underpin Palladium

Wednesday November 1, 2017

Palladium remains strong and could post further gains after U.S. auto sales, says Commerzbank. U.S. auto manufacturers are scheduled to report October sales Wednesday, which will be followed by palladium traders since the metal is used in catalytic converters. “The figures are expected to show a decline from the 12-year high they achieved in September because this was boosted by new vehicles purchased in the wake of hurricanes Harvey and Irma,” Commerzbank says. “That said, the market envisages a figure of 17.5 million vehicles sold on a seasonally adjusted and annualized basis, which would still be the second-highest this year. This could give further tailwind to palladium.”