Palladium prices are approaching $1,000/troy oz as demand from the automotive industry begins to fall. Palladium is used in catalytic converters similarly to platinum, but production of new internal combustion engine vehicles has fallen this year due to difficult economic circumstances, and its use has been increasingly substituted with platinum due to the price difference. Increasingly tight monetary policy has also made palladium less attractive as investors move away from investing in precious metals and towards traditional financial instruments like bonds due to higher interest rates, this has similarly affected the price of the other platinum group metals platinum and iridium. Prices have fallen from all-time highs seen following Russia’s invasion of Ukraine. Entity 08-Nov 15-Nov Unit % 2024 Forecast…