Palladium: Stronger for Longer

 

Palladium has to be one of the clear winners of the 2022 commodity rally. 

Analysts recently raised their price forecast for Q1 2022 to $2,800/oz due to strong demand from the auto sector, which consumes 85 percent of the world’s palladium, and to $2,700/oz by the end of Q2 2022 due to strong demand from the auto sector. 

Russia mines around 40% of the world’s palladium, so any continuous stock worries are most certainly justified as long as the conflict in Ukraine proceeds.

The metal, which is commonly used in catalytic converters, recently skyrocketed to record highs as a result of Russia’s invasion of Ukraine, and it is now trading 30% higher than it was at the start of the year.

However, those in the industry believe that things are just getting started, and that this precious metal has the potential to shine even brighter. According to Impala Platinum, the world’s biggest maker of platinum bunch metals, the worldwide palladium rally could keep going for a long time given the ongoing business sector elements.

The following are the reasons why palladium will remain strong for a longer period of time:

Supply Uncertainty

Palladium has so far been exempt from government sanctions; however, given the current state of affairs, it remains to be seen whether the precious metal will be free of supply disruptions. 

Last week, the London Platinum and Palladium Market suspended the main two authorize Russian purifiers whose metal can be exchanged the London and Zurich markets.

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