Nornickel is on track to fully resume production in coming months
Palladium price fell nealy 6% to an over 1-week low of $2510.0 per ounce during today's session, after Russian Nornickel, the world's largest palladium producer, confirmed that its two major mines in the Siberian Arctic should fully resume production between May and June as it managed to halt water inflow at two major mines. On February 24th Nornickel was forced to partially suspend production in both mines after it discovered that subterranean water flowing into one of them.
Palladium has been trading in a sideways move recently. Today the price broke below the 50 SMA (green line) and the lower limit of consolidation range at $2566.7 If sellers manage to uphold momentum, then downward move could be extended to the support at $2472.6 or even 2414.8 which coincides with 200 SMA (red line). Source: xStation5
