Palladium (PALLADIUM) perpetual market

Palladium is a rare, silvery-white precious metal in the platinum group, valued for both industrial use and investment and priced per troy ounce. Its dominant demand driver is the automotive industry, where it is used in catalytic converters that reduce harmful emissions from gasoline engines, so its price is closely tied to vehicle production, emissions regulation and the shift between gasoline and electric cars. It is also used in electronics, dentistry, jewelry and chemical processing. Supply is highly concentrated, with the bulk of mine output coming from Russia and South Africa, which makes the market sensitive to geopolitical tension, sanctions, power shortages and labor disruption in those countries. Much palladium is also recovered from recycling spent catalytic converters. Because supply is inelastic and demand is concentrated in autos, the metal can experience sharp price swings and periods of acute shortage or surplus.