1 May 2024
Palladium has fallen below platinum for the first time since February, reversing its long-standing price advantage. This shift reflects a weakening demand outlook for palladium, primarily used in gasoline-powered car catalytic converters, exacerbated by a shift in automaker preferences towards the relatively cheaper platinum amidst a broader economic recalibration since the Covid-19 pandemic. Meanwhile, platinum benefits from positive market projections and increased demand in plug-in hybrid vehicles, which use more platinum-group metals compared to traditional engines.