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Spot palladium prices in London hit a one-month high and briefly broke above the key level of $1,000 per troy ounce in volatile trade on Friday as some investors covered their short positions and the market was tight for nearby physical supply.
The indicators of the short-term liquidity tightness were visible in thin market, known as an exchange of futures for physicals , where parties exchange a futures contract for the physical product. Palladium, mainly used in the autocatalysts curbing harmful emissions, saw a 39% slump in 2023 due to bets that rising market share of palladium-free electric vehicles would reduce demand in future.
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