Wednesday, February 19, 2020

"So here's one reason why the palladium price has hit a record..."

Via the FT's natural resource editor, Neil Hume:
 
The front futures are 11% higher than SUNDAY! when we posted Palladium Futures: "Goodbye to All That":
With automobile production shrinking around the world there probably won't be as much demand for catalytic converters as there might have been. Which leads us to what looks like a triple top in palladium futures:



Those are March futures. June futures are almost the same price. We didn't do anything with them on the way up, beyond our usual slack-jawed grins which is our default when we observe major moves, moving without our participation. Just watching, just waiting, like the panther, for the moment to pounce, biding our time, like the panther waiting....just a little bit closer and....

March futures $2581.00 $83.40.
Like the panther, we're missing a meal.