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Palladium traded near $1,260 an ounce, holding just above its October lows, as investors evaluated the metal’s supply–demand dynamics against a backdrop of renewed tensions in the Middle East that have lifted oil prices and increased overall market uncertainty. On the supply side, Sibanye-Stillwater confirmed plans to advance seven platinum-group metal projects in South Africa, with the first phase running ahead of schedule and initial production slated to begin in March next year. Still, current South African mine output remains constrained, as elevated energy costs continue to squeeze producers’ margins and are expected to climb further with higher winter electricity tariffs. On the demand side, solid hybrid vehicle sales continue to underpin palladium consumption, even as registrations of battery electric vehicles keep rising.
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