PA=F is trading 5% down at $1457 after Johnson Matthey’s 2026 PGM Market Report projected a palladium surplus for the first time since 2011, ending a 13-year deficit streak.

  • The bearish forecast triggered a sharp pullback from $1531, with futures dropping 3% as the market reassesses long-term industrial demand.
  • Prices remain under pressure due to waning palladium use in gasoline car catalysts, even as broader U.S. equity indexes hit record highs.