Palladium rose above $2,000/oz for the first time on Tuesday, extending a powerful annual advance driven by a sustained global deficit.
The platinum group metal (PGM) has gained 57% this year, with market watchers saying the shortfall will be hard to fill. That’s great news for producers of the metal, which is used mainly in autocatalysts.
“Higher prices don’t affect carmakers too much, because palladium is only a small part of the overall production cost”, said Ole Hansen, head of commodity strategy at Saxo Bank. “The mining companies and speculators both reap the reward from the continued surge,” he said.
Jubilee Metals Group plc (LON:JLP) is a diversified metals recovery company, they secured surface platinum-bearing tailings to recover PGMs and chromite, lead, zinc and vanadium bearing tailings in Zambia and holds the mining right to a primary PGM project in the Eastern Bushveld complex.
