Palladium Rises To Near 2-Year High

Palladium futures climbed above $1,270 per ounce, marking their highest level since August 2023, driven by safe-haven demand amid escalating trade tensions.

US President Donald Trump announced a 35% tariff on Canadian imports and floated broad-based duties of 15–20% on most other trading partners.

This comes on the heels of a 50% tariff on US copper imports and goods from Brazil, with further notifications sent to other countries.

Trump also hinted the EU could soon receive a tariff letter, casting doubt over US-EU trade talks.

However, long-term demand for palladium remains under pressure due to the global shift toward electric vehicles, which do not require palladium-heavy catalytic converters.

EV sales rose 28% globally in the year to May, with China posting a 33% rise in May alone.

On the supply side, relatively stable output from Russia and South Africa eased concerns over shortages.