Spot Palladium Jumps to Four-Month High
Source: Reuters, Amanda Cooper (9/14/10)
"Palladium is on track for a 33% rise this year."
Spot palladium was last at $538 an ounce at 0755 GMT, compared with $542.95 late in New York on Monday, having hit a session high of $543.50.
"Overall, palladium and platinum, especially palladium, when you look at the ratios, has been a standout performer. Palladium has had a good August by comparison to previous years, as well," one trader said.
"We're getting better noises coming out of the eurozone about projected growth and industry and, obviously, palladium is quite tightly linked to industry," the trader said.
Palladium, which is predominantly used in the production of auto catalysts, is on track for a 33% increase this year and is one of the top performers of the entire commodities complex.
Traders are looking at $570 an ounce as the next upside target, which would take palladium to its highest price level since the start of 2008.