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Palladium’s rally threatened by automakers’ pivot to platinum

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A rally in palladium that’s seen it more than triple in value since mid-2018 looks to be nearing its end as demand headwinds build.

Around 85% of global supply of the silvery-white metal is used in pollution-reducing catalytic converters in gasoline engines. The surge in prices coupled with advances in technology, however, are making it more attractive for automakers to use the much cheaper platinum. Further out, palladium faces an existential threat as electric vehicles gradually replace those using gasoline, meaning the current rally could well be its last.

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