Palladium futures rose to a 2-week high of around $1920 per tonne, rebounding from a 6-month low of $1797 hit on June 13th as China’s decision to lift covid restrictions in Shanghai boosted hopes of a recovery in metal demand. In 2021, China was the largest consumer of palladium, accounting for 26% of the total global consumption. At the same time, traders expect major central banks to pull back from aggressive monetary tightening amid easing inflation and disappointing macroeconomic figures, raising expectations of a recovery in global economy and in turn consumer spending.
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 2022.
Palladium is expected to trade at 1801.65 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 1595.07 in 12 months time.