Peter Smith
⬤ Palladium took a beating on Monday, with prices crashing over 10% to roughly $1,813 per ounce. This marks the metal's steepest daily drop since April 2022. The selloff picked up steam during U.S. trading hours, with charts showing a relentless downward slide throughout the session.
⬤ The decline wiped out more than $200 in a single day, pushing palladium well below the $1,900 mark. Intraday charts painted a clear picture—sellers were firmly in control, driving a series of lower highs and lower lows over the past 24 hours. The breakdown left palladium among the day's worst-performing major commodities.
⬤ Palladium's been struggling for a while now. The metal's heavily used in car catalytic converters, and concerns about industrial demand keep weighing it down. Previous rallies have repeatedly failed to stick, and the latest plunge just adds to what's been a choppy, volatile couple of years. With futures now trading near multi-month lows, traders are watching closely to see if prices stabilize or keep falling.
⬤ A 10% single-day crash in palladium matters because moves this sharp often signal broader shifts in how traders feel about industrial metals. The volatility could spill over into other commodity markets and add to worries about economic momentum heading into 2025.
Peter Smith
