Palladium prices fell on Thursday to 2018 lows, sharpening losses for the third straight session amid concerns about weakening global demand, and especially in Europe and China.
Palladium prices tumbled 39% in 2023, marking the worst yearly loss since 2008 due to higher interest rates worldwide, and slower Chinese growth.
In early 2024, palladium’s losses grew, with prices plumbing six-year lows as the odds of early US rate cuts subside.
Palladium Prices Today
Palladium prices fell 1.6% to $881.33, an August 2018 low, after tumbling 6% yesterday, the worst loss since December 2022 on grim German industrial manufacturing data.
US Rates
A recent string of strong US data and bullish remarks from Fed officials hurt the odds of an early US rate cut in March.
Global Demand
Analysts believe that a mix of concerns about Chinese and European demand, especially in the automotive industry, contributed to lower palladium prices.
In Germany, demand on metals fell more than expected according to official data in line with the steep drop in industrial production in December.