Palladium futures hovered around $2000 per tonne, almost 40% below an all-time high of $3180 hit in March as supply woes are set to ease this year and demand remains subdued. Nornickel, the world’s largest producer of palladium, expects the palladium market to be close to balance in 2022, with a deficit of a mild 100 thousand ounces, compared to 300 thousand ounces projected earlier. Also, the company confirmed its production guidance for 2022 and pledged to continue delivering metals according to its contract obligations, despite logistic obstacles. Meanwhile, global demand is expected to rise by a meager 3% to 10.3 million ounces in 2022 as covid lockdowns and persisting supply chain bottlenecks will likely delay chip supply recovery until 2023 at the very least, undermining car production around the world. Historically, Palladium reached an all time high of 3440.76 in March of 2022. Palladium is a soft silver-white metal used mostly in the production of catalytic converters for petrol cars, electronics, dentistry, medicine, hydrogen purification, chemical applications, groundwater treatment and jewelry. The biggest producers of palladium are by far Russia and South Africa (70-80% of world output) followed by United States, Canada and Zimbabwe. Palladium Futures are available for trading in London Platinum and Palladium Market and on the New York Mercantile Exchange. The standard contact weights 100 troy ounces.

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