Palladium started into the week with a High of 910 $/oz and thus reached the highest price since February 2001. With a stronger US-Dollar against the Euro in the reporting period the precious metals reacted with a price decline in the beginning of last week – as was the case in Palladium with a decline of around 2%. Furthermore Palladium reacted to contradictory news about a potential ceasefire in the Ukraine crisis with a further price drop to 870 $/oz. In addition there were purchases of around 10 Thousand ounces in the palladium ETFs in the reporting period. Investors currently rely on further increasing palladium prices so that net long positions are on record highs at the moment. It is expected that the demand for palladium will far exceed the output of the mines in this year. The crisis in the Ukraine and the resulting worries about supply shortage as well as the 5-month mining strike in South Africa helped to boost the metal price by 27% within this year. On the demand side the US and China build the pole position. It is expected that in China platinum group metals will be strongly demanded due to increasing pollution. Overall it can be assumed that palladium remains well supported.