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Palladium Inches North of $3,000/oz For First Time

COMMODITIES
  • The global commodity rally persists Friday, with industrial metals a key beneficiary this morning to boost the spot Palladium price north of $3,000/oz for the first time. This extends the rally to over 25% YTD, as the commodity tide continues to lift all boats.
  • Cycle highs have been posted in copper, iron ore, soy, corn, lumber and others this week - with Biden's infrastructure plan, the long-awaited post-pandemic economic recovery and a resurgence in Chinese demand all being cited as behind the recent rally.
  • The rally in soft commodities, precious and industrial metals has failed to buoy the oil price this morning, however, with both WTI and Brent crude futures in negative territory ahead of the NYMEX open. nonetheless, WTI holds above $64/bbl, while Brent is in a holding pattern just below the week's high of $68.95/bbl.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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