Palladium jumped by the most since March amid renewed optimism about China’s economy reopening and planned stimulus for automakers, the biggest consumers of the metal.
Palladium held above $2 000 an ounce, after gaining 6,7 percent as of 2:06pm in London. It has dropped about a third since hitting a record in late February as the coronavirus pandemic dented auto-maker demand for the metal used in pollution control devices.
Sister metal platinum also advanced amid concerns over supplies from South Africa, the biggest producer. Impala Platinum temporarily shuttered one of its mines after several workers tested positive for the virus. The market for platinum-group metals will remain tight this year as both demand and supply are hit by the pandemic, autocatalyst maker Johnson Matthey said last Monday. — Bloomberg.