Palladium Slides to $1,255.30/oz on Weak Demand and Supply Risks

Published: Jul 24, 2026 15:55

Save

[SMM Express] NYMEX July palladium futures settled at USD 1,255.30/oz on 23 July, reflecting continued weakness in the palladium market amid cautious industrial demand and softer sentiment across precious metals.

Despite the recent decline, palladium's market fundamentals remain closely linked to industrial consumption. More than half of global demand is driven by the automotive sector, where the metal is used in catalytic converters to reduce vehicle emissions. Additional demand from electronics, jewellery and chemical applications continues to provide underlying support.

On the supply side, global production remains concentrated in Russia and South Africa, with comparatively limited output from Canada. Operational challenges, including power supply constraints and labour-related disruptions in South Africa, continue to pose potential supply risks.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

2 hours ago

African Rainbow Minerals (ARM) Invests $927M in Bokoni Platinum Mine Redevelopment

[SMM PGM Express] African Rainbow Minerals (ARM) has approved nearly USD 1 billion in investment to redevelop South Africa’s Bokoni platinum mine, signalling renewed confidence in the long-term outlook for platinum amid improving prices and tightening supply conditions. The company plans to invest approximately USD 927 million in a phased redevelopment of Bokoni, which is expected to become a significant source of platinum group metals (PGMs). Once fully operational, the mine is projected to produce around 350,000–400,000 ounces of six-element PGMs annually, strengthening South Africa’s platinum supply base. The investment comes as the global platinum market continues to face supply challenges. South Africa remains the dominant producer of platinum, but rising operating costs, power constraints and previous periods of weak prices have led to mine closures, production cuts and delayed projects. Recent improvements in platinum prices have encouraged producers to reconsider previously deferred investments.

2 hours ago

10 hours ago

Oil Price Surge Puts Precious Metals Futures under Pressure, Spot Market Consumption Normal [SMM Daily Review]

10 hours ago

13 hours ago

US-Iran Tensions Rise: Trump Considers Military Action, Deploys B-1 Bombers Amid Congressional Debate

[SMM Precious Metal Express] US-Iran conflict escalates further: Trump stated he is "seriously considering" restarting large-scale military operations against Iran and is nearing a decision, with Iranian funds to be used to compensate for vessel damages. The US has deployed B-1 bombers to escalate attacks. The House passed another resolution calling for an end to hostilities, while the Senate blocked a similar measure.

13 hours ago