Palladium fell to around $1000 per ounce, its lowest in 2 weeks, as fears resurfaced over automotive demand. The metal's use for manufacturing of catalytic converters has been declining over the past few years due to switch from gasoline-powered vehicles to palladium-free electric vehicles. China's top electric vehicle producer Guangzhou Xiaopeng Motors Technology shared it would be rolling out a cheaper mass-market brand next month. Additionally, UBS Group projected that sales of electric vehicles would reach 9.6 million by 2030, nearly five-fold the figure seen in 2023. Another factor weighing on the greenback-priced commodity was reduced bets of June interest rate cut by the Fed. Still, palladium was supported by hopes of pick-up in demand by top consumers China and Germany after upbeat economic data. China's retail sales, fixed asset investment, and industrial output grew more than anticipated in January-February 2024, while the German investor morale hit a 2-year peak in March.
Palladium decreased 83.55 USD/t oz. or 7.61% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Palladium reached an all time high of 3440.76 in March of 2022. Palladium - data, forecasts, historical chart - was last updated on March 29 of 2024.
Palladium decreased 83.55 USD/t oz. or 7.61% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Palladium is expected to trade at 978.47 USD/t oz. by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 893.87 in 12 months time.