The Palladium future set for weak finish today; down 2.56% to $1,691 per troy ounce with 2 hours before close

Published: January 25 2023, 20:36 GMT+0

The Palladium future set for weak finish today; down 2.56% to $1,691 per troy ounce with 2 hours before close

Palladium is grinding lower from $1,735.5 to $1,691 per troy ounce, shedding $44.5 (2.56%) today.

Crude Oil Inventories in United States fell short of market expectations (971,000) with a reading of 533,000, continuing the decline from the previous figure of 8.41 million.

Meanwhile, 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.

In the meantime, negative performances are also seen in other Metals as Platinum closed at $1,047.2 (down 1.84%).

Though the Palladium future has been dropping, other Metals have been performing better: Gold goes up 0.5% to trade around $1,945. Silver is up 1%.

Looking ahead, ongoing depreciation may be prolonged 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. As things stand, upcoming United States GDP data is projected to fall short of market expectations with newly published data of 2.6, following on from the preceding figure of 3.2. New data is set to be published tomorrow at 13:30 UTC. 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. CME Palladium is now trading 44.89% below the significant high of $3,149 it set around 10 months ago.

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