Palladium tumbles 3.7% on demand woes
Palladium tumbles 3.7% on demand woes
Christian Baha / AB
The price of palladium and platinum dropped on Monday as fears over the metal's demand rocked investors' confidence.
The downbeat sentiment appeared to be driven by the latest news in the booming electric vehicle market after Chinese leading electric vehicle manufacturer Guangzhou Xiaopeng Motors Technology Co. Ltd. (XPeng) shared it will be rolling out a cheaper mass-market brand next month. Concerns about the consumption of palladium and platinum, metals predominantly used to make catalytic converters, also spread to Europe, where the UBS Group predicts that sales of electric vehicles will reach 9.6 million in 2030, nearly five-fold the figure seen last year.
Palladium shed 3.72% to trade at $1,033.76 at 10:39 am ET. At the same time, platinum decreased by 1.73% to sell at $917.38.
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