Platinum and Palladium hit by tariff conflict, downward revision of price forecasts – Commerzbank
The tariff conflict triggered by US President Trump and the resulting increase in risk aversion also put pressure on the Platinum and Palladium prices.
Tariff turmoil hits Platinum and Palladium prices
"The Platinum price fell to $900 per troy ounce at the start of the week, its lowest level in almost a year. The Palladium price slipped to $890 per troy ounce, its lowest level in eight months. At the beginning of the month, Platinum and Palladium were still trading at around $1,000. The suspension of most of the tariffs also led to a price recovery for Platinum and Palladium."
"Nevertheless, both prices remain at the lower end of the trading ranges of recent months. Uncertainty over US tariff policy is likely to leave its mark on demand, which is heavily influenced by the automotive industry, especially as US tariffs of 25% on cars came into force at the beginning of April and additional US tariffs of 25% on car parts are due to take effect in early May."
"We are taking this into account and reducing our year-end price forecast for Platinum to $1,000 per troy ounce (previously $1,100). We are also lowering our year-end forecast for Palladium to $1,000 per troy ounce (previously $1,150)."
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