CME Palladium set for weak finish today; down 2.48% to $1,692.5 per troy ounce with 3 hours before close

Published: January 25 2023, 19:06 GMT+0

CME Palladium set for weak finish today; down 2.48% to $1,692.5 per troy ounce with 3 hours before close

After a mostly steady day, Palladium loses $43 late into the session, trading at $1,692.5 per troy ounce.

United States Crude Oil Inventories published today at 15:30 UTC came out at 533,000, falling short of the 971,000 projections and continuing its decline from the previous 8.41 million figure.

Amid the market gloom, United States 5-Year Note Auction released today at 18:00 UTC with a figure of 3.53, while the previous figure was 3.973. Fresh Cushing Crude Oil Inventories data from United States came out at 4.27 million.

Taking a look at other Metals commodities, negative performances are evident as Platinum is down $19.5 from the beginning of the session and now trades around $1,047.3.

Positive performances can be seen by looking at other Metals markets as Silver is up 0.87%. Gold added 0.36% to its value, now trading at $1,942.4.

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Core Durable Goods Orders expected to decline to -0.2% while its preceding data was 0.1%, data will be available tomorrow at 13:30 UTC. Tomorrow at 13:30 UTC data for United States GDP will be released, with an expected decline to 2.6 from the preceding figure of 3.2. United States Initial Jobless Claims projected to come out at 205,000 — worse than previous data of 190,000; data will be released tomorrow at 13:30 UTC.

The commodity has been trending positively for about a month. The Palladium future reached a significant high of $3,149 around 10 months ago but has lost 44.89% since then.

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