Palladium hovered around $1,000, down by 7% since the beginning of the year, squeezed by a shift to cheaper platinum and slumping auto demand. Top miners like Anglo American reported declines in Q1 palldium output, reflecting waning need for the metal in auto catalysts of gasoline-powered vehicles since the world transitions to EVs. Tesla, the largest EV producer, has recently announced it plans to accelerate affordable EV mass production to H1 2025 instead of H2 2025. Still, so far in the year, the gasoline car market growth has been outpacing that of pure electric cars market. For January-March, Chinese sales totaled 1.03 million EVs, up 14.7% on year and the slowest quarterly rise since the second quarter of 2023, the data from the China Passenger Car Association (CPCA) showed. Furthermore, job cuts and looming mine closures in top miner South Africa due to low profitability minimized the negative effect.
Palladium decreased 113.49 USD/t oz. or 10.33% 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 April 26 of 2024.
Palladium decreased 113.49 USD/t oz. or 10.33% 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 1014.24 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 926.00 in 12 months time.