🔴 PA=F is trading 3% down today on first projected market surplus since 2011

PA=F is trading 3% down at $1415.50 following a report from Johnson Matthey projecting the first palladium market surplus in over a decade.

• Johnson Matthey’s 2026 PGM Market Report indicates an end to the long-running deficit era, marking the first projected surplus since 2011.
• The bearish supply outlook triggered a sharp pullback from a weekly high of $1531 as traders reassess long-term demand.
• Market participants are repositioning away from tight-market assumptions as the fundamental supply-demand balance shifts.