Topping $1,600 -- that's the highest level on record for this metal.
Palladium futures topped $1,600 an ounce on Thursday to finish at the highest level on record, shaking off recent data showing a decline in Chinese auto sales, as emissions standards fueled bets surrounding strong demand for the metal used in pollution-control devices.
President Donald Trump on Wednesday announced he would delay a tariff hike —from 25% to 30%—that was scheduled to take effect Oct. 1, until Oct. 15., “as a gesture of goodwill.” Palladium for December delivery PAZ19, +3.62% climbed $48, or 3.1%, to settle at $1,604.80 an ounce on Comex after tapping a high of $1,616.50. Prices for the most-active contract have never settled above the $1,600 mark, based on records going back to January 1977, according to Dow Jones Market Data.
“Auto sales have slowed, but this is more than completely offset” by increased loadings per car for transport on China 6 emission standards and “real-world driving in Europe, R. Michael Jones, president and chief executive officer of Platinum Group Metals Ltd. PLG, -1.16% told MarketWatch. “In the USA, strong SUV and truck sales are also creating continued demand.”
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