Palladium price could face setback after blistering year 2017

London (Mar 6)  Palladium may be due for a pullback after a blistering run higher in 2017, said INTL FCStone.

 Analysts wrote in a monthly commodities outlook that they see prices in a $925-$1,035 trading range during March. Analysts note that Johnson Matthey expects the global palladium market to remain in deficit in 2018.

 However, there has been selling in palladium-backed exchange-traded funds since holdings peaked in late 2014, with the trend seen continuing this year.

“During March, we see palladium continuing to struggle as the charts no longer look as constructive as they once did,” INTL FCStone added.

“In addition, we should note that palladium was the number-one-performing commodity market last year and so a bit of a setback in 2018 should not be considered to be out of the question,” they noted.

 Sister metal platinum is seen trading between $920 and $1,005 during March, easing as a stronger U.S. dollar and higher yields weighs on the precious-metals complex, INTL FCStone added.

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