Palladium Drops to 5-Year Low as China Demand Concerns Deepen
- Chinese vehicle sales rose at slowest pace in three years
- `Palladium is in a lot of trouble right now,' RJO Futures says
This article is for subscribers only.
Palladium slumped to a five-year low as Chinese car sales increased at the slowest pace in three years, adding to concerns about weaker demand in one of the world’s biggest buyers of the metal. Gold also fell.
With a faltering economy and turmoil in the stock market hurting consumer confidence, China’s vehicle sales rose 4.7 percent last year, the smallest gain since 2012, China Association of Automobile Manufacturers data show. Palladium futures fell as much as 4.8 percent, while platinum, which is also mainly used in catalytic converters that cut harmful emissions, traded near a seven-year low.