Thomson Reuters GFMS Key Palladium Market Developments:
Date of Release: 5th April 2013
IMPORTANT NOTE: The following is for informational purposes only and was developed by Thomson Reuters GFMS. It does not take into account the investment objectives, financial situation or particular needs of any particular person. Information is from sources believed to be reliable, but is not guaranteed as to its accuracy or completeness. Opinions and estimates are the judgment of Thomson Reuters GFMS and are subject to change without notice. Distribution of this information does not constitute agreement with, or an endorsement of, the views expressed. Obviously, future outcomes are impossible to predict with certainty. Investors should obtain advice based on their own individual circumstances and understand the risks before making any investment decisions.
From an opening of $721, palladium rebounded strongly during the fist half of March, hitting an 18-month high of $774 on the 15th, before pulling slightly back in the following days. After a brief dip, palladium quickly recovered some lost ground and continued to build on to close the month at $770, posting an intra-month rise of 7%.
After some liquidation in Nymex platinum futures at the start of the month, buy-side interest rebounded, taking net “investor” positions to a record high of 3.0 Moz on the 12th. Despite another bout of profit taking in the second half of the month, net positions remained still high, closing the month at 2.8 Moz.
ETF holdings registered a slight month-on-month decline, with total volumes falling by 13 Koz over the month, to 2.4 Moz by end-month.
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