The performances of the three main platinum group metals (PGMs) – platinum, palladium and rhodium – have diverged sharply over the past few months. Palladium has seen the biggest gains in the year-to-date, rising by 35%. While the market will remain in deficit in 2017, we think that prices might be vulnerable to profit-taking in the short-term. What’s more, given abundant above-ground stocks, we expect the upside for prices over the next year to be fairly limited.
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