Palladium

Palladium is a platinum-group metal primarily used in gasoline vehicle catalytic converters, which account for over 80% of demand. Russia and South Africa together supply about 80% of global output, creating significant geopolitical supply risk. Palladium experienced a dramatic price surge from 2016 to 2022, driven by tightening emissions standards and structural supply deficits. However, the shift toward electric vehicles poses a long-term demand headwind. Palladium is also used in electronics, dentistry, and hydrogen purification, though these markets are relatively small.