Metals Focus released a new report on May 18, 2026, forecasting a 37% increase in palladium prices. The projection follows a fifth consecutive year of supply deficits in the market. Analysts expect a total shortfall of 376,000 ounces for 2026.
The report, released during London Platinum Week, notes that the entire platinum group metals (PGMs) complex has entered a higher price range. Platinum is predicted to outperform palladium with a 71% price increase. Rhodium prices are expected to rise by 62% during the same period.
Geopolitical risks, specifically the Iran conflict, are driving market volatility. Analysts also identified market regionalization as a defining theme for PGMs in 2026. While supply remains tight, palladium continues to face more limited investor appetite than platinum.