{"id":12803,"date":"2023-11-12T08:35:00","date_gmt":"2023-11-12T08:35:00","guid":{"rendered":"https:\/\/infundpros.com\/markets\/commodities\/palladiums-slide-accelerates-on-prospects-for-surplus-next-year\/"},"modified":"2023-11-12T08:35:01","modified_gmt":"2023-11-12T08:35:01","slug":"palladiums-slide-accelerates-on-prospects-for-surplus-next-year","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=12803","title":{"rendered":"Palladium’s slide accelerates on prospects for surplus next year"},"content":{"rendered":"
\n

By Brijesh Patel and Ashitha Shivaprasad<\/p>\n

(Reuters) – Palladium prices have tumbled to five-year lows below $1,000 an ounce this week, hastening a retreat triggered by expectations of surpluses due to the rapid spread of electric vehicles and automakers choosing cheaper platinum for their autocatalysts.<\/p>\n

Prices of the metal, used by automakers in engine exhausts to reduce emissions, have slumped 70% from all-time highs of $3,440.76 hit after Russia invaded Ukraine.<\/p>\n

Spot palladium was last down 4.3% to $948.93 per ounce. Down 45% so far this year, palladium is on course for its worst year of losses since 2008, when the financial crash hit demand.<\/p>\n

Top producer Russia’s Nornickel expects the palladium market to swing to a surplus of 300,000 ounces in 2024 from a 200,000-ounce deficit in 2023 due to supplies, boosted by recycling, outpacing demand.<\/p>\n

“Prices look set to collapse further below $1,000\/oz with little support in a market driven lower by worsening demand,” said SP angel analyst John Meyer.<\/p>\n

Demand for palladium has also come under pressure from the drive to cut carbon emissions from cars with internal combustion engines (ICE) and the shift to battery-powered electric vehicles.<\/p>\n

“If…electric vehicle sales increase as a share of total vehicle sales from 14% in 2022 to 18% this year and more than 20% next year then this spells troubles for ICE vehicles and palladium demand,” said Marex analyst Edward Meir.<\/p>\n

Electric car sales globally are expected to surge 35% this year to 14 million units, according to the International Energy Agency’s annual outlook released in April.<\/p>\n

Also hanging over the market is the large combined inventory at fabricators and manufacturers.<\/p>\n

Consultancy Metals Focus forecasts above-ground palladium stocks of about 11.64 million ounces in 2023, compared with 12.35 million in 2022 and 12.89 million in 2021 – meaning ample supplies.<\/p>\n

In March 2022, palladium was trading at more than double the price of platinum, prompting a switch by automakers.<\/p>\n

“In the near-term, given investor short positions in CME futures (looking at the CFTC data as a proxy) look very extended and demand is improving… I would think that a rebound is likely. However, longer-term Metals Focus is quite bearish on palladium,” said Nikos Kavalis, managing director at Metals Focus. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Brijesh Patel and Ashitha Shivaprasad (Reuters) – Palladium prices have tumbled to five-year lows below $1,000 an ounce this week, hastening…<\/p>\n","protected":false},"author":1,"featured_media":2020,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":{"0":"post-12803","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-commodities"},"yoast_head":"\nPalladium's slide accelerates on prospects for surplus next year | inFundPros<\/title>\n<meta name=\"description\" content=\"By Brijesh Patel and Ashitha Shivaprasad (Reuters) - Palladium prices have tumbled to five-year lows below $1,000 an ounce this week, hastening a retreat\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=12803\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Palladium's slide accelerates on prospects for surplus next year | inFundPros\" \/>\n<meta property=\"og:description\" content=\"By Brijesh Patel and Ashitha Shivaprasad (Reuters) - 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