Palladium Gains; Automakers Smile
Source: Commodity Online (7/30/10)
"Palladium prices soaring to new heights today."
Palladium settled up $22.50, or 4.8%, at $491.20/oz. Both palladium and platinum (which also is higher) are used in making catalytic converters for cars.
The good news for palladium and platinum started from Nissan, which veered back into the black in its latest quarter as global car sales rebounded while its smaller rival Mitsubishi Motors Corp. narrowed its quarterly loss.
Yokohama-based Nissan, maker of the Leaf electric vehicle and the March compact, said its profit was $106.6bn yen (US$1.2bn) for the April–June quarter, the first of its fiscal year. It lost Y$16.5bn during the same period the previous year. Quarterly sales surged 35.3% to Y$2.050 trillion (US$23.6bn).
Other Japanese automakers are also expected to report rosier results as global sales recover—particularly in new markets, such as China and India. Strong China sales helped Mitsubishi narrow its loss for the April–June quarter to Y$11.8bn (US$135.6M).