Expert palladium market insights
Our quarterly palladium outlook is published in our Quarterly Metals Report, which covers base, precious and ferrous metals. The impact of supply and demand fundamentals and macroeconomic implications for palladium is analysed. Our research team produce palladium price range forecasts as part of the report.
Palladium Outlook – Q3 2023
In line with our previous report, palladium continued to lose ground in the second quarter of 2023, falling to a $1,222/oz level at the end of June, the lowest level since March 2018. While the automobile sector, which accounts for 85% of palladium demand, continues to rise, the palladium outlook remains grim, given the increasing demand for exhaust-free electric vehicles...
In the previous quarter, expectations shifted from a pause in the central bank tightening cycle to further rate increases in July and potentially later in Q4 2023. As we move away from central bank-centric rhetoric, economic growth and consumer performance will be key in driving the risk sentiment across the board. Still, China's stimulus outlook remains critical to the longer-term narrative for metals this quarter. Sentiment has been improving as signs emerged that regulators are working to follow through on the promises made at the most recent Politburo meeting. However, markets remain cautious about the scale of support, and any positive news seems short-lived. As a result, the positive stimulus is more likely to solidify support levels than boost bullish sentiment in the near term.
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