If you want to get palladium prices, you should try one of these top 3 alternatives to Trading Economics.
China is the global highest customer of palladium, whereas Russia and South Africa are the major and international leaders in mining, in part because they own 78% of the industry. Remember that palladium is obtained as a byproduct of platinum in South Africa and nickel in Russia, where the metal’s biggest resources are located.
As a result, everything that occurs in these two nations’ metallurgical industries, as well as China’s demands and purchasing capacity, are critical factors in determining the value of palladium. Palladium has been on a wild trip into 2021, topping in May at $2,997 per ounce before plunging to become the worst-performing precious metal.
Palladium Forecast
It is a transition metal that is mostly used in the creation of catalysts to minimize toxic gasses from gasoline engines (about 85% of worldwide output). Because of price increases from the automotive industry and supply restrictions, its price has been rising since 2018.
This rise, however, came to an end in 2021 due to a slowdown in demand due to chip shortages and research in the vehicle sector allowing palladium to be replaced by platinum, which is cheaper, in the fabrication of catalysts. Palladium prices have plummeted by 26% so far this year, contrasting with considerable price gains in other commodities, except iron ore and silver.
Palladium, on the other hand, has a bright future. The market will revert to a deficit condition in the second part of next year, causing prices to rise once again. According to a US investment firm, the metal will average $2,100 per ounce in 2022, up from the current market price of roughly $1,800.
The situation, nevertheless, is conflicting. The worst data since 2009 has been collected. The demand held during this period is likely to resume as soon as the supply chain issues are resolved, which should enhance the metal’s price starting in the second half of 2022, although this is always dependent on the geopolitical scenario.
Use An API
As you will see, the precious metals market can undergo various changes. Therefore, if you want to get into this business, you must use an API. This is an interface that can develop various functionalities based on the information contained and its integration into websites and applications.
In this case, you need an API for precious metal prices to know when to invest. The most famous option is Trading Economics, but that is not why it is the most complete or the most practical. Here we present three options.
Metals-API
Metals-API is a very complete tool, where you will find information on current palladium prices but also past prices and futures contract data. You will be able to see the prices in various international currencies and compare the prices with other metals. Use it in the programming language of your choice.
API.Metals.live
As soon as international markets open, this API updates all metal prices. It will give you all the information in real-time. API.Metals.Live also gives you palladium data for the last 24 hours.
Kitco
Kitco makes it simple to purchase, store, and sell precious metals. In real-time, the prices of various metals are updated. It also gives fluctuation statistics and news updates on numerous precious metals.