Another Industrial Metal Wavers As Car Sales Slow

Palladium Prices Fall on China Car Sales

The metal is used in catalytic converters to clean automobile emissions. A government-backed industry group on Monday reported that China sold 1.67 million passenger vehicles in April, up 3.7% from a year earlier. It was the slowest growth since February 2013, according to the China Association of Automobile Manufacturers, raising worries about a key market for the metal.

The car-sales data came amid growing concerns over the broader slowdown in the world’s second-largest economy, which grew 7% in the first quarter of this year, one of the lowest rates in a decade. With the hope of resuscitating growth, China said Sunday it would cut benchmark interest rates for the third time in six months.

However, other precious metals were little moved by China’s rate action.