Palladium futures were trading around $2,990 per troy ounce in the second week of May, having touched a record high of $3,017 last week, as supply is expected to be short for the tenth consecutive year amid continued strong demand. Tighter car pollution standards in Europe and China are pushing up the demand for the metal, which is used in catalytic converters. At the same time, Russian mining company Norilsk Nickel, the world’s largest producer, said in March that its production could be at least 15% lower than previously estimated in the light of unexpected mines closures due to water problems.
Historically, Palladium reached an all time high of 3017.18 in May of 2021. Palladium - data, forecasts, historical chart - was last updated on May of 2021.
Palladium is expected to trade at 2806.24 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 2434.94 in 12 months time.