Precious metals

Palladium

The recycling and catalyst metal.

XPD / USD spot$1,217.50+0.32%

Palladium is the least jewellery-led of the four. Its story is automotive catalytic converters and recycling, tightly linked to emissions rules and EV adoption. That makes it a pure industrial-demand play among the precious metals.

What drives demand

AutocatalystsThe dominant demand source, tied to petrol-engine emissions control.
RecyclingCatalytic-converter recovery, a large and growing supply stream.
SubstitutionPlatinum-palladium switching as relative prices move.
ElectronicsA smaller industrial use.

Where it is mined

Russia, South Africa, Canada, the United States, and Zimbabwe. Palladium is deeply tied to PGM mining and auto-catalyst demand.

Who mines it

Nornickel, Sibanye Stillwater, Impala Platinum, Anglo American Platinum (Valterra), Northam, and Platinum Group Metals Ltd.

Palladium price, last 90 sessions

The outlook

Johnson Matthey said palladium was expected to move back into balance in 2025, while platinum stayed in deficit. The long-term pressure is EV adoption reducing petrol-catalyst demand, with recycling adding supply.

What Lufroma tracks for Palladium

Spot, the platinum-palladium spread, and auto-demand context. Read the latest in the daily brief and reports.

See the intelligence

Auto-catalyst recovery and refining use XRF and trace-impurity control. Lufroma reports the market, not the assay.

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Lufroma Research. Information only, not investment advice.