Due to the inability of Nurnikel to deliver, the price of palladium rose on Friday. The precious metal is used in catalysts. For years, demand has exceeded supply.
The Euro came under pressure on Friday after the strong US economic data. In overnight trading, the price fell to $ 1.2018. On Thursday, the single European currency rose to a two-month high of $ 1.2120. The strong economic recovery in the United States supported the dollar. New stimulus from the US government significantly increased household incomes in March. Income was 21.1% higher than the previous month. This was a little more than economists had anticipated. Consumer confidence, as surveyed by the University of Michigan, also brightened more than expected. Meanwhile, economic output in the euro area contracted in the winter. The decline was somewhat less than expected, but the setback in Germany was particularly pronounced.
Coronavirus fears have shaped the mood in the crude oil market. Due to an outbreak of casualties in India, the North Sea Brent was down 1.9 percent to $ 67.28 per barrel (159 liters). “The recovery in demand is uneven and the rise in cases in India is a warning that a test of the $ 70 level will be premature,” said analysts from research firm Energy Aspects.
The price of palladium crossed the $ 3,000 mark for the first time. The precious metal needed to produce robotic catalytic converters on Friday rose 2% to $ 3,008 an ounce (31.1 grams). Prices are being driven by a lack of delivery at manufacturer Nornickel, with a concurrent boom in the auto industry, said raw materials expert Mark Louvert of the precious metal processor Heraius. In the case of palladium, demand exceeded supply for ten years. Inventories are now at a very low level.