Palladium Price Up As China Invests in Pollution Control

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Palladium continued to lead the precious metals in increases this week. In addition to palladium’s consumption by industrial automotive suppliers and the lingering effects of the South African miners’ strike, palladium is getting a price boost from China’s recent attempts to cut down on pollution.

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Tight supply and stricter vehicle pollution control standards on the mainland will continue to be key drivers of higher prices of palladium this year and next year, even as the industrial metal’s price reached a 13-year peak, analysts told the South China Morning Post. Palladium is being used to build better exhaust systems at mainland power plants there.

With a 0.8 percent increase on Thursday, July 31, Japanese palladium bar was the biggest mover on the Global Precious Metals MMI®. The price of US palladium bar showed little movement on Thursday at $876.00 per ounce. At CNY 194.00 ($31.43) per gram, the price of Chinese palladium bar was essentially unchanged.

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Japanese platinum bar finished the day up 0.4 percent to JPY 4,880 ($47.45) per gram. US platinum bar stayed flat at around $1,475 per ounce. The price of Chinese platinum bar remained essentially flat at CNY 311.00 ($50.39) per gram.

Chinese gold bullion prices saw a 0.4 percent decline to CNY 257.50 ($41.72) per gram. The price of US gold bullion fell 0.3 percent to $1,295 per ounce. Following a couple days of improvement, the price of Japanese gold bullion weakened by 0.1 percent. Prices closed at JPY 4,272 ($41.54) per gram. After dropping for two days, the price of Indian gold bullion flattened at INR 27,882 ($461.94).

Japanese silver gained 0.6 percent to finish at JPY 677.00 ($6.58) per 10 grams. Chinese silver prices rose 0.3 percent to CNY 4,315 ($699.17) per kilogram. The price of Indian silver increased 0.3 percent to INR 45,124 ($747.60) per kilogram. At $20.61, the price of US silver finished the market day up 0.3 percent per ounce.

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