Last Updated : 09 December 2011 at 02:00 IST
Barclays: Palladium ‘vulnerable’ due to macro uncertainty, negative investment flows
According to Barclays Capital, palladium could be “vulnerable ” in the short term. Shortly after 8 a.m. EST, Nymex March palladium was $7.45 softer at $678 an ounce after previously rallying strongly from the November close of $612.60.
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LONDON (Commodity Online): According to Barclays Capital, palladium could be “vulnerable ” in the short term. Shortly after 8 a.m. EST, Nymex March palladium was $7.45 softer at $678 an ounce after previously rallying strongly from the November close of $612.60.
The amount of metal held by global exchange-traded products was unchanged Wednesday but remains at the lowest level since March of 2010, Barclays added.
Net redemptions for the year to date have reached 567,000 ounces. This has exacerbated a market which has been swung into surplus on the back of continued Russian state stock releases.
“We do expect the market to swing back into deficit next year as stocks are exhausted; however, the near-term outlook remains vulnerable given the macro uncertainty and negative investment flows,” Barclays concluded.
