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Palladium Market Remains Resilient


With a bullish physical commodity market buzz early, a fresh downside breakout in the dollar early and news that Chinese buying of gold rebounded aggressively in the first quarter, news that global gold demand fell to a 13-year low has been discounted. Apparently, global ownership of gold has shifted from investors in Europe and North America to consumer buying in Asia.


The palladium market remains very resilient, and the record run looks to continue. However, Chinese PMI data out tonight could be a major influence on palladium prices to end the trading week. With a significant failure on the platinum charts yesterday, the bear camp regains control.


With another new contract high rally overnight the track towards all-time high prices continues in earnest. Obviously, the copper market is being fueled by improving demand as overnight headlines showed increased production from 2 major producers (KAZ minerals and Glencore). On the other hand, LME copper warehouse stocks continue to decline in a sign that non-Chinese copper demand might be recovering.

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