Palladium Gain Sets Up Platinum Switch in Cars: Chart of the Day
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Palladium demand is poised to drop as the metal's highest price to platinum in almost 12 years cuts use from carmakers, according to SP Angel Corporate Finance LLP.
The CHART OF THE DAY shows an ounce of palladium bought 0.59 ounces of platinum last week, the highest ratio since September 2002. Auto companies, the biggest buyers, cut consumption of palladium by 40 percent in 2002 after prices climbed to a record in 2001 and used more platinum, according to Johnson Matthey Plc. Both metals are used in catalytic converters to curb harmful emissions.