Friday, June 26, 2020 10:18:03 AM
A reduction in recycling tallies is also expected.
“Recycling will be down by 6 percent as palladium from spent autocatalysts will drop to 2.6 million ounces. It will still be the second highest palladium recycling number ever,” she added.
Industrial demand is also forecast to fall in 2020 by 9.1 percent to an all-time low of 1.6 million ounces.
Ultimately, Metals Focus sees the palladium story having two parts this year. The first will be marked by oversupply, while the latter half will be punctuated with deficits and tighter conditions, resulting in a return to bullish price conditions.
After reaching what is considered its peak of US$2,754 an ounce earlier this year, the metal fell as low as US1,728 on May 14; it has since rebounded and was trading for US$2,022 as of Wednesday (May 20).
“The annual average palladium price is forecast to rise 48 percent as the bullish impact of tight aboveground stocks gradually overcomes the drag of COVID disruptions towards the end of the year,” explained Swarts.
https://investingnews.com/daily/resource-investing/precious-metals-investing/platinum-investing/metals-focus-optimistic-pgms-outlook-caveats/
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