UNITED STATES November 28 2016 11:35 AM

NEW YORK (Scrap Register): Societe Generale looks for palladium to continue outperforming sister metal platinum. Platinum and palladium prices have recently diverged significantly, with platinum prices having dropped while palladium prices have risen.

SocGen expects palladium to continue outperforming and recommend buying palladium on dips against platinum. Palladium is widely regarded as the most ‘industrial’ metal of the two, while platinum is more correlated to gold due to its higher use in jewelry.

As of Friday, Nymex December palladium was up $5.50 to $742.90 an ounce, while January platinum was down $21.30 to $909.80.

Platinum has followed gold lower since the Nov. 8 U.S. presidential election, while palladium earlier this week hit its highest level of the year at $748.90 an ounce.