Tighter emission standards to hike Palladium
China to demand 3429 mn oz Palladium by 2022 According to Michael Jones, president and CEO of Platinum Group Metals (PGM), Palladium prices have fallen sharply from last month’s record highs, but the metal’s long-term potential will continue to drive prices higher for years, amid an economic downturn. He said in a release that his company continues to move forward with the development of its South African Waterberg PGM project as he sees further growth potential for palladium. Jone's comments come as palladium prices have fallen nearly 13% from March's historic highs. June palladium futures last traded at $1,376.30 an ounce. In particular, Jones said that demand for palladium will remain strong even if auto sales in the U.S. and China continue to slow. He explained that automakers have to add more of the precious metal to catalytic converters to meet tighter emission standards. “Even if global auto sales cool, [amount of palladium] per car is going up drama