
Palladium futures climbed above $1,500 per ounce, recovering from a sharp sell-off to reach a month-high amid a broader upswing in precious metals. The move was supported by improving macro sentiment after Donald Trump and Iran agreed to a two-week ceasefire, easing immediate geopolitical risks. The announcement prompted a sharp drop in oil prices, with crude falling below $100 per barrel, easing inflation concerns and strengthening expectations that the Federal Reserve may adopt a more accommodative policy stance. In turn, falling yields and a softer US dollar enhanced the attractiveness of dollar-denominated commodities. On the supply side, the market remains tight, with output disruptions in South Africa and ongoing uncertainty over Russian exports constraining available volumes.

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