Palladium declines 2% on track for yearly losses
Palladium prices fell on Thursday as the dollar inched lower against most major rivals, amid calm trading during the holiday season.
The Nornickel corporation, the world’s biggest producer of nickel and palladium, expected a nickel surplus of 150 thousand tons worldwide in 2024-2025.
And it expects the palladium market to be mostly balanced in 2024, and completely balanced in 2024, with the nickel surplus mostly due to the increase in supplies of Chinese nickel cathodes.
While Nornickel isn’t under direct western sanctions, the sanctions on Russia pushed western producers away from Russian metals, which forced Nornickel to divert its sales to Asia.
The industrial metal palladium is currently heading to a yearly modest loss.
Palladium hit a record high in March 2020 after passing $3000 in response to the outbreak of the Russian-Ukrainian war.
Otherwise, the dollar index was little changed at 108.2 as of 15:14 GMT, with a session-high at 108.3, and a low at 108.1
On trading, palladium March futures fell 2% as of 15:14 GMT to $934.5 an ounce.
European and US markets close for Christmas
The US and other European countries including Germany, France, the UK, Italy, Switzerland, and other markets such as the Australian and New Zealand markets were closed for Christmas today.
Both the stock and bond markets are shut down and will resume operations tomorrow, on Thursday.
Wall Street close higher with Dow Jones surging 400 points
US stock indices gained ground on Tuesday despite calm trading, with the gains expanding in a truncated session before Christmas.
The Federal Reserve decided to cut interest rates by 25 basis points last week after two consecutive rate cuts at previous meetings.
The Fed hinted at a slowed down pace of interest rate cuts in 2025 after revealing in its future outlook a total of only 50 basis points of expected interest rate cuts next year as inflation continues to persist.
Trading is expected to be weak this week with Wall Street closing early today and shutting down tomorrow.
Many stock and bond markets are closed in Europe as well today and tomorrow for the holidays.
On trading, Dow Jones rallied 390 points to 43,297 points, with a session-high at 43,297 points, and a low at 42,871 points.
S&P 500 rose 1.1%, or 66 points to 6040 points, with a session-high at 6040 points, and a low at 5981 points.
NASDAQ rallied 1.3%, or 266 points to 20031 points, with a session-high at 20031 points, and a low at 19813 points.
Cryptocurrencies receive boost before Christmas
Most cryptocurrencies rose on Tuesday amid calm trading as global markets prepare for the Christmas holiday.
The Federal Reserve decided to cut interest rates by 25 basis points last week after two consecutive rate cuts at previous meetings.
The Fed hinted at a slowed down pace of interest rate cuts in 2025 after revealing in its future outlook a total of only 50 basis points of expected interest rate cuts next year as inflation continues to persist.
Trading is expected to be weak this week with Wall Street closing early today and shutting down tomorrow.
Many stock and bonds markets closed in Europe as well today for the holidays.
Ripple
Ripple surged 7.2% on Coinmarketcap as of 18:25 GMT to $2.33.
Ethereum
Ethereum rose 4.8% as of 18:25 GMT on Coinmarketcap to $3499.5.