* Palladium market had 29,000 oz shortfall in 2018
LONDON, Friday , Feb 13 (Reuters) – A deficit in the palladium market that has driven prices of the autocatalyst metal to record highs will widen dramatically this year, specialist materials company Johnson Matthey said in a report on Wednesday.
The company, a leading autocatalyst manufacturer, said the shortfall in the roughly 10 million ounce-a-year palladium market narrowed in 2018 to 29,000 ounces from 787,000 ounces in 2017, its widest in three years.
But it said stricter emissions standards would increase demand for palladium for catalytic converters, and despite an increase in recycling, supply would struggle to keep up.
“The rate of growth in secondary supplies is likely to be lower than in 2018, while primary shipments (of newly mined metal) are expected to be flat,” the report said.
Palladium-backed exchange-traded funds (ETFs) would no longer be able to bridge the gap between supply and demand by returning metal to the market, it added.
U.S.ADDS 192,000 JOBS IN MARCH , 172,000 EXPECTED
Friday, the U.S. Labor Department said that 192,000 jobs were created last month; according to consensus estimates, economists were expecting to see job gains of 172,000.
The unemployment rate, remained unchanged and in line with expectations at 3.8%.
Gold prices were under modest selling pressure ahead of the employment data and have remained relatively unchanged in initial reaction. June gold futures last traded at $1,293.70 an ounce, down 0.05% on the day.
Posted By :
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com
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401goldconsultants.com , we post articles daily to keep our customers and public informed! Leave a reply and we can chat anytime, no hype just facts.
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admin
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admin
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