Palladium poised for a rebound after being 2021’s worst metal

Palladium ingots

HONG KONG: Palladium’s (pic) had an eventful year: it surged to a record in May before plunging to the point where it’s poised to be the worst-performing major commodity of 2021. The prospects for next year look a bit brighter.

The silvery-white metal, around 85% of which is used in pollution-reducing catalytic converters in gasoline engines, had been rising since mid-2018 on auto demand and supply constraints. The rally went into reverse this year as the global chip shortage crimped consumption and technological advances also made it easier to use much-cheaper platinum in the converters.