London — Palladium is expected to hit its highest annual average price on records going back three decades in 2017 after tightness in the lending market pushed prices to 16-year highs in June. A poll of 26 analysts and traders conducted by Reuters in July returned an average palladium price forecast of $811/oz for this year, 5% above an average view of $770 returned by a similar poll conducted in early April. Palladium rallied sharply in late June as analysts and traders reported tightness in the lending market, which squeezed prices higher. The metal hit a peak of $914.70/oz and climbed to within $50 of sister metal platinum. "We remain constructive on palladium’s outlook," Standard Chartered analyst Suki Cooper said. "Not only is the market set to deliver a deficit this year, but it looks set to be undersupplied over the coming years." Next year palladium is expected to extend gains, to an average $849/oz. The current record annual average price for the metal is $799/oz from 2014....
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