Palladium Posts Biggest Decline in Six Weeks While Gold Rallies

(Before It's News)

by Luzi-Ann Javier
Bloomberg.com

Palladium posted the steepest decline in six weeks as imports slump in China, heightening demand concerns. Gold had its biggest rally in seven months.

Shipments of palladium, used in catalytic converters for cars, plunged 42 percent to 1.27 metric tons in July from a year earlier, customs data show. Chinese consumers bought the fewest passenger vehicles in 17 months in July.

“This import number really highlights the fact that demand is clearly following the trend of weaker manufacturing and weaker auto sales in China,” Mike Dragosits, a senior commodity strategist at TD Securities in Toronto, said in a telephone interview. “Weaker demand in China is really hurting the palladium story.”

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