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Share to： Palladium prices hit a record high in 2017
Average prices for palladium are set to hit their highest level this year since records began 30 years ago, after rising to a 16-year high last month. A survey of 26 analysts and traders this month showed the average spot palladium price this year at $811 an ounce, up 5 percent from $770 in early April.
Palladium surged in late June, hitting a high of $914.70 an ounce, narrowing the price differential with platinum to within the $50 range. "We remain optimistic on the palladium price outlook," said standard chartered analyst Suki Cooper.
Palladium is expected to extend its gains into next year, rising to an average of $849 an ounce. Palladium hit an all-time high of $799 an ounce in 2014. Palladium prices have held up well this year amid expectations that tighter emissions controls could boost demand for the metal in the auto industry.
Precious metals smelter Johnson matthey said in May that the palladium market was expected to show a supply gap of 792,000 ounces in 2017, up from 163,000 ounces last year. Meanwhile, investment Banks cut their platinum price forecasts by 5 percent to $955 an ounce, down from $1,007 in April. Johnson Matthey predicts 2017 will be the first year in six years that the platinum market has seen a supply glut. Jewelry demand in China, the main market, is expected to be weak as consumer spending has shifted to other luxury items such as overseas travel in recent years, weighing on demand.
Platinum has underperformed palladium this year, leading some analysts to predict it could match platinum's price this year for the first time since 2001. Over the past 30 years, platinum has averaged $470 more than palladium. "Platinum is very short and palladium is very long, suggesting hedge funds are betting against platinum/palladium prices," said Julius baer analyst Carsten Menke.
"While we don't think platinum is significantly undervalued at this stage, we do think palladium prices are rising too fast and too high. It's possible that platinum and palladium are on a par, but it shouldn't last.
Palladium surged in late June, hitting a high of $914.70 an ounce, narrowing the price differential with platinum to within the $50 range. "We remain optimistic on the palladium price outlook," said standard chartered analyst Suki Cooper.
Palladium is expected to extend its gains into next year, rising to an average of $849 an ounce. Palladium hit an all-time high of $799 an ounce in 2014. Palladium prices have held up well this year amid expectations that tighter emissions controls could boost demand for the metal in the auto industry.
Precious metals smelter Johnson matthey said in May that the palladium market was expected to show a supply gap of 792,000 ounces in 2017, up from 163,000 ounces last year. Meanwhile, investment Banks cut their platinum price forecasts by 5 percent to $955 an ounce, down from $1,007 in April. Johnson Matthey predicts 2017 will be the first year in six years that the platinum market has seen a supply glut. Jewelry demand in China, the main market, is expected to be weak as consumer spending has shifted to other luxury items such as overseas travel in recent years, weighing on demand.
Platinum has underperformed palladium this year, leading some analysts to predict it could match platinum's price this year for the first time since 2001. Over the past 30 years, platinum has averaged $470 more than palladium. "Platinum is very short and palladium is very long, suggesting hedge funds are betting against platinum/palladium prices," said Julius baer analyst Carsten Menke.
"While we don't think platinum is significantly undervalued at this stage, we do think palladium prices are rising too fast and too high. It's possible that platinum and palladium are on a par, but it shouldn't last.
Palladium is expected to trade at $1,050 an ounce next year, the survey showed.
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