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Thomson Reuters GFMS Key Palladium Market Developments:

Date of Release: 4th May 2012

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.

Palladium started april on much the same fashion as platinum, falling sharply from the opening price of $656 to $635 by the 5th, which proved to be the month’s low. Thereafter, however, it gained upwards momentum to close at $679, to post an intra-month rise of 4%, compared to platinum’s 4% loss. Palladium’s relative distance (compared to platinum) from european woes helped its performance, as did improvements in other, non-european auto markets.

On the nymex, the number of gross shorts rose sharply by over 40%. as a result, the net long posted a decline of 25% (on the 24th april compared to the 27th March) to reach 0.78 Moz, although this was two-thirds higher than the low seen in December 2011. holdings in eTfs, meanwhile, edged up by 2% to reach 1.9 Moz at month-end.

Additional Information

• Palladium Market Outlook for Next Three Months
• Palladium Market News