Palladium Price -$90 from Short-Squeeze Spike vs. Record Bearish Specs
Gold Price News By Adrian Ash – Tuesday 25th June 2024
GOLD PRICES held unmoved in Shanghai and London trade Tuesday, showing no change for the week so far while silver hit 1-week lows, platinum dropped 2.1% from yesterday's 3-week high and sister metal palladium slid 8.7% from Friday's dramatic short-squeeze spike after bearish betting by speculative traders in Nymex futures and options set yet another record.
Finding over 4/5ths of its end-use from autocatalyst demand to reduce harmful emissions from gasoline-engine vehicles, palladium today retreated to $940 per Troy ounce.
That's barely 1/3rd the record prices hit during the post-Covid supply squeeze of 2021 and then the all-out invasion of Ukraine by Russia – palladium's No.1 mining nation – in early 2022.
The total share of petrol and diesel cars sold in Europe last month fell below 50%, trade association Acea said last week. But May also saw battery electric vehicles – which don't require any palladium or other platinum-group metal catalysts – fall to 12.5% of new car sales, down from 13.8% twelve months before and confirming the slowdown in BEV adoption.
Hybrid-electrics in contrast – primarily combining electric power with a petrol engine needing a palladium or platinum autocat – grew from 25% to nearly 30%.
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