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Weakness around the palladium to be limited – UBS

FXStreet (Edinburgh) - Strategists at the Swiss lender UBS underlines the current bearish tone around the palladium.

Key Quotes

“Downward pressure across precious metals yesterday took palladium through technical support at $858 and the 50-day moving average at $843. At the moment palladium is trading at levels last seen in late June”.

“As we highlighted earlier this week, palladium gross longs on Nymex were sitting at an all-time high as of last week, and much of the recent move is likely due to those longs getting nervous and heading for the exit”.

“Despite the potential for supply interruptions from Russia, record spec positioning poses a sizeable challenge for palladium; especially when the metal gets dragged down by overall weakness in the precious metals complex”.

“We expect underlying positive sentiment towards palladium to remain firmly intact – a move lower is unlikely to be sustained, especially as geopolitical risks out of Russia and Ukraine remain on investors’ radars”.

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