Palladium does not profit from robust US vehicle sales in August

According to figures from Ward's Automotive Group, 17.72 million vehicles were sold on a seasonally-adjusted and annualized basis in the US in August. This is 2.9% up on the year-on-year figure and the highest number since July 2005. 

Buyers have clearly been tempted by low interest rates and gasoline prices, as well as by new SUV models. Prices of platinum and palladium are hardly profiting from these data at all this morning, however, and are trading only marginally higher at $1,010 and $575 per troy ounce respectively. 

This is disappointing, especially as far as palladium is concerned, given yesterday's price fall of nearly 5%. Meanwhile, the sizeable outflow from platinum ETFs that was reported on Monday has been corrected by the data provider, says Commerzbank.