| Mitsubishi sees potential for palladium to test the $800-an-ounce level. Nymex palladium futures got above $788 Friday before falling back on profit-taking, the firm says. Support came last week from a 19% year-on-year rise in Japanese passenger car sales, although Mitsubishi adds that this may have been affected by a consumer rush to buy before a rise in the sales tax next month.
Stronger auto sales bode well for palladium since it used for emissions-control systems. “Supported by geopolitical tensions in Ukraine as well as the ongoing South African PGM (platinum-group-metals) mining strike, palladium could make further gains in the coming days, perhaps testing the $800 level,” Mitsubishi says...............................................Full Article: Source
|