Palladium futures climbed back above $1,400 per ounce, rebounding sharply from a five-month low as renewed tensions between the United States and Iran raised concerns over potential disruptions to global metal supplies. Missile strikes across the Middle East, along with the deployment of a US amphibious assault group, have heightened geopolitical risk. At the same time, a broader recovery in precious metals—including platinum and silver—has bolstered investor interest amid shifting expectations for interest rates.
Supporting prices further, Russia’s Nornickel, the world’s largest palladium producer, reported strengthening industrial demand beyond the automotive sector. The company is investing $100 million to develop new end uses for palladium and aims to create roughly 1.7 million troy ounces of additional annual demand by 2030. Near-term growth is expected from applications in electrochemistry, particularly for anodes and water treatment technologies.
