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- Palladium price to rally past $3,000 and even beyond $3,200 - TDS
Palladium price to rally past $3,000 and even beyond $3,200 - TDS
Palladium price to rally past $3,000 and even beyond $3,200 - TDS
FXStreet notes that palladium has surged to record levels just shy of $3,000/oz in recent weeks. In the view of Bart Melek, Head of Commodity Strategy at TD Securities, the precious metal seems poised to prolong the upward trajectory amid persistent supply worries.
“The reflation and super-cycle narrative, along with hopes of a continued cyclical demand recovery as vaccine programs continue, supply disruptions and a global trend toward tighter emissions standards, have all boosted the metal.”
“Biden's recently passed $1.9 trillion stimulus bill and the planned $2+ trillion infrastructure program, along with China's surprising economic performance, are additional bullish factors.”
“As Russian and South African mining sectors deliver less metal than expected, due to various problems on their mine sites, the strong demand outlook should see deep deficits materialize over the next several years. This, along with a lack of readily available inventory could well see palladium trade significantly above TD Securities' Q4-2022 average price target of $3,200/oz.”
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