Palladium Outlook & Market Analysis - Sucden Financial > Metals Outlook > Market Insights

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.

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Palladium Outlook – Q4 2024

Palladium is facing downward pressure as we enter Q4 2024. Weak automotive demand, boosted by stricter emissions targets and BEV adoption, limits demand growth. While temporary supply constraints in South Africa may provide minor support, prices are expected to stay within $900–$1,100/oz due to ongoing demand challenges.

Metals

As we enter Q4 2024, several trends from the previous quarter continue to persist. The central banks began their interest rate cutting cycles, with the Fed initiating a 50bps cut at its first meeting. The ECB is on a similar path, but it is facing strong pressures to cut due to the weakening performance of the Eurozone, which is creating a larger yield differential compared to the US. In China, authorities are aiming to stimulate the economy through fiscal and monetary policy measures; however, they are struggling to restore market confidence, particularly in the construction sector. These factors, combined with the upcoming US elections in November, create a strong likelihood of increased volatility. In this report, we will examine the potential trajectories for base, ferrous, and precious metals in the final months of the year.

Q4 2024