Palladium prices have seen significant movements lately, with the most recent close on November 22, 2024, settling at 1025.5. This reflects a strong rebound from the past few weeks, where the metal had dipped below the 1000 mark in mid-November, hitting 943.3 the week prior. Back in early November, the price was over 1100, which means it has experienced notable volatility recently.
Looking further back, the price surged in late October to around 1200 after starting the month under 1100. Interestingly, the month of October had already shown a rally, with the price fluctuating around a high of 1255 in early November before retreating. In terms of trading volume, there has been consistent engagement, though notably higher on down weeks where fears might have led to selling pressure.
For context, this recovery to over 1000 is important. Earlier this year, in February to May, palladium prices hovered around 900 to 1000, which some traders had considered to be a low point. However, there was a clear increase throughout the summer, reaching up to 1100s before descending again.
All in all, we’re seeing a shift where market sentiments often react to fundamental factors, including the recent strength of the US dollar, and this influence will likely continue to ripple through the futures market.
