Palladium futures traded within the range of $1,400 to $1,600 per ounce, as investors carefully considered the potential impact of weak Chinese data on demand, juxtaposed with the expectation of a balanced palladium market as automakers increasingly adopt the more cost-effective platinum. Recent data from China, the largest consumer of industrial metals globally, revealed discouraging figures for industrial production, retail sales, property investment, imports, factory gate deflation exceeding projections, and lower-than-expected bank loans. Palladium holds substantial importance in the electronics and automotive sectors due to its ability to reduce exhaust emissions. However, its utilization has witnessed a decline in recent years, primarily driven by the increasing production of heavy-duty vehicles that rely on platinum and the growing market share of electric vehicles, which are displacing combustion-driven light vehicles that heavily depend on palladium and rhodium.
Historically, Palladium reached an all time high of 3440.76 in March of 2022. Palladium - data, forecasts, historical chart - was last updated on June of 2023.
Palladium is expected to trade at 1370.93 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 1232.73 in 12 months time.