Palladium rallies as Nornickel lowers output forecast
Precious metals are trading higher on Tuesday, thanks to the US dollar underperforming against its major peers. Palladium is the best performing precious metal and gains around 5% while platinum adds 1.5%. Apart from US dollar weakness, palladium and platinum prices may also be supported by news from Nornickel, one of the world's top miners. Nornickel said that recent floodings in Arctic mines will result in lower 2021 output. Platinum and palladium output is expected to be around 710 thousand ounces lower than previously expected.
Palladium is trading over 5% higher today following announcement from Nornickel. Weak USD is also playing a part in today's rally. Price is testing an important mid-term resistance zone ranging around 2,500. Breaking above this hurdle could pave the way towards early-2020 highs in the 2,855 area. Source: xStation5
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