Palladium achieved price parity with sister metal platinum for the first time in sixteen years this week, as investors searched for ways to bet on trends in the automotive market.
Palladium and platinum are both used to reduce harmful fumes from cars powered by gasoline and diesel, respectively.
Consumers, particularly in Europe, have started to switch from diesel to gasoline cars because of concerns over particulate matter production and risk of driving bans in big cities such as Paris and London.
Palladium, in contrast, has been benefiting from the hype around electric cars and the idea that hybrid vehicles will gain popularity.
“Declining diesel shares should lead to lower automotive demand for platinum,” said Joni Teves, an analyst at UBS. “At the same time, the move towards electric vehicles should benefit palladium to the extent that this translates into increasing demand for gasoline hybrids, which we assume to have similar palladium loadings to gasoline vehicles.”
Spot palladium was trading at $933.00 an ounce on Friday, while platinum was at $913.00. Palladium has risen 37 per cent this year, while platinum is down 2 per cent.
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