Palladium futures rose above $2,000 per ounce, the highest in over three years, as supply concerns intensified amid heightened geopolitical risks. Reports over the weekend that Canada could face 100% tariffs if it proceeds with a trade deal with China raised fears of potential disruptions to North American metal flows, given Canada’s status as a major global producer of palladium. Supporting prices further, UBS recently raised its palladium forecast by $300 per ounce to $1,800, citing strong investment inflows. Demand was also bolstered by China, where the launch of yuan-denominated platinum futures in Guangzhou boosted trading activity across the platinum group metals. Year-to-date, palladium has gained 25.78%, and although industrial use in automotive catalytic converters has softened due to the rise of electric vehicles, tight supply and continued investor interest suggest further gains in the near term.

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