Palladium prices fell during trading today, Tuesday, despite the dollar’s decline against most of the major currencies, but the industrial metal came under pressure to give up the $ 3000 an ounce barrier.
Palladium prices have increased dramatically in recent times, until they exceeded the level of $ 3000 an ounce, owing to concerns related to the shortage of supply in global markets, coinciding with strong demand, especially from auto companies that use this metal in the manufacture of components that reduce pollutant emissions.
Analysts expect that palladium and other industrial metals such as nickel and platinum will be exposed to weak supply this year, which will significantly support prices.
On the other hand, the dollar index fell (against a basket of major currencies) by 13:35 GMT by 0.1% to 90.1 points, and recorded the highest level at 90.3 points and the lowest level at 89.9 points.
In terms of trading, palladium futures for June delivery by 13:36 GMT fell 1.6% to $ 2,922 an ounce, and the metal recorded the highest price at $ 2986.5 and the lowest price at $ 2,910.5.
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