Platinum, Palladium Futures Decline Over 3% and 4% on July 24 Amid Geopolitical Tensions

According to Rui Da Futures, on July 24, platinum and palladium futures contracts dropped significantly, with declines exceeding 3% and 4% respectively, as geopolitical risks escalated. The U.S. imposed additional tariffs on dozens of countries and regions, while the U.S.-Iran ceasefire agreement collapsed, with Houthi forces declaring a maritime blockade of Saudi Arabia and threatening energy transport in the Red Sea. Russian strikes on Ukrainian energy infrastructure also intensified regional tensions.

On the supply side, platinum faces limited mine output expansion despite weakened automotive catalyst demand, with emerging demand from hydrogen energy and electronics sectors providing support. Palladium confronts structural pressures, with supply potentially exceeding demand for the first time since 2012, as vehicle electrification and ETF outflows continue to weigh on prices.