Palladium Price OutlookPalladium prices rose over the past month—despite the recent global surge in Covid-19 cases—likely due to strong Chinese automobile sales. On 6 November, palladium closed the day at USD 2,450 per troy ounce, which was 3.4% higher than on the same day of the previous month. Moreover, the price was up 27.6% on a year-to-date basis and was 36.3% higher than on the same day last year. The recent global rise in Covid-19 cases and renewed lockdown restrictions for most parts of Europe raised concerns over the timing of the economic recovery and whether the evolution of the pandemic would weigh more heavily on global growth next year. Consequently, the overall demand outlook for automobile sales—particularly energy efficient vehicles—likely took a hit in late October and drove palladium prices down. That said, vehicle sales in China surged in September and into October—especially new energy vehicle sales, which increased over two thirds in the month. This likely drove prices higher, while manufacturing PMI data for October in China pointed to a strong expansion, suggesting sustained demand for palladium from the country’s automotive sector ahead, which should have boosted prices further. Nevertheless, top producer South Africa has seen a stabilization in its mining sector in recent months, which should have tempered supply concerns and limited palladium price growth in turn.
Palladium Price History Data (USD per troy ounce, aop)
Price forecasts and historical data for Energy, Metals and Agricultural Commodities.
Palladium Historical Price Chart
Price forecasts and historical data for Energy, Metals and Agricultural Commodities
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