In early 2016, NYMEX palladium futures fell to a $451.50 per ounce low. Palladium made higher lows and higher highs for over six years, reaching $3,380.50 per ounce on the nearby NYMEX palladium futures contract in March 2022. Palladium’s peak coincided with Russia’s invasion of Ukraine.
Palladium is a platinum group metal, and its composition, heat resistance, and density make it a critical ingredient in automobile catalytic converters that clean toxins from the environment. The 2022 price explosion became an implosion, with the most recent decline taking palladium below the $1,000 per ounce level for the first time since 2018. The Aberdeen Physical Palladium ETF product (PALL) moved higher and lower with the metal’s price.
