Palladium Retreats Further from 1-Year Highs
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Palladium futures have dropped to around $1,120 per ounce, down from a one-year high of $1,338 on July 23rd. This decline is attributed to a weakening automotive sector due to rising electric vehicle adoption and the use of cheaper platinum in catalytic converters. The World Platinum Investment Council anticipates a market surplus of 200,000 ounces by 2025, as steady supply meets declining automotive demand. The ongoing reduction in demand from fossil-fuel engines leaves palladium prices susceptible to further declines without new demand sources.
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