| The bullish case for palladium appears to be fading, with the metal dropping back below $700 and speculators pulling out en masse. When gold and silver were struggling in 2014, investors increasingly turned to palladium – its fundamentals looked strong given growing Chinese demand for cars and a supply deficit that was set to widen after a five-month strike in South Africa.
The metal climbed from $696 in February to a peak of $911.50 in September and net longs on Nymex struck their highest since records began in 1986 at 30,090 contracts. Supporting the price was a 1.4-percent fall in supply of newly refined palladium to 9 million ounces in 2014 from 2013, CPM Group noted this week...............................................Full Article: Source
|