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Concerns about China, dollar's strength, push palladium lower
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Concerns about China, dollar's strength, push palladium lower
Jan 17, 2024 7:51 AM

Palladium prices extended their decline on Wednesday as the dollar rose against a basket of major rivals, with concerns persisting about China after disappointing data.

Copper three-month futures fell 0.7% at the London Metals Exchange to $8300 a tonne, approaching December 7 lows.

China's GDP growth data missed growth forecasts, with yet more pessimistic data about the real estate sector, with sales tumbling by 23% in December.

Analysts continue to warn from the potential fallout from the declining real estate market, as government stimulus fails to underpin the sector.

At the Shanghai Futures Exchange, copper March futures fell 0.1% to 67,720 yuan a tonne.

Ten non-ferrous metals had their production increasing by nearly 7.1% in 2023 to 74.7 million tonnes, a record high.

Otherwise, the dollar index hit a one-month high following bullish remarks from Fed officials Christopher Waller, which hurt the odds of early US interest rate cuts.

Most metals suffered at the London's Exchange, with aluminium falling 1.2% to $2188 a tonne, as zinc fell 1.9% to $2499, as nickel shed 0.3% to $16,095, while lead shed 1.9% to $2065, while tin rose 0.1% to $25210.

Otherwise, the dollar index rose 0.2% to 103.5 as of 16:38 GMT, with a session-high at 103.6, and a low at 103.2.

Palladium March futures fell 1.1% to $928 an ounce as of 16:39 GMT.

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