Palladium prices are up more than 6% today, after the US asked G-7 allies to consider sanctions on Russian palladium and titanium. The price of the metal is supported also by safe haven demand and great year for precious metals; especially gold and silver. Russian company Nornickel represents almost 40% of global palladium production, so any sanctions may be really disruptive, potentially lifting prices.
- Palladium and titanium are strategic materials for multiple military applications; also computer chips. The US has already blacklisted Russian titanium, but western governments didn't cut off Russian supplies because of interference in global markets and disrupting supply chains.
- The price of palladium rose 12% in December on speculation the metal could be next in line for restrictions after the UK issued sanctions on a number of Russian metals. Earlier this year, the US and UK imposed restrictions on trading Russian aluminum, copper and nickel. Also, in September, Putin suggested that Russia should think about limiting exports of some commodities such as nickel, titanium and uranium in the response to western sanctions.
PALLADIUM (D1 interval)
Palladium hits almost 11-month high today, reaching levels unseen since December 2023. We can see also bullish 'golden cross' pattern attempt from EMA200 and EMA50 (orange and red line). Looking at Fibo retracements levels, the significant resistance zone may be at 1450 USD - 1500 USD zone. However, palladium may still be volatile to cyclical supply and demand balance, and further price increases are of course not guaranteed.
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