PLTM - Palladium plummets 13% on China lockdowns down 40% in six weeks

Palladium prices plunged as much as 13% on Monday as commodities tumble across the board amid rising concerns over prolonged COVID-led lockdowns in Shanghai and potential increases to U.S. interest rates that could hurt global growth and demand. June palladium (XPDUSD:CUR) recently traded -10.6% at $2,120.50/oz after hitting a low of $2,068.82, and July platinum was -2.3% to $906.30/oz. ETFs: (PALL), (SPPP), (NYSEARCA:PPLT), (PLTM), (PGM) With an increasing amount of China being shut, "chances are auto demand and economic activity broadly aren't going to be as strong as we thought, and this is offsetting a lot of the potential shortage concerns associated with the Russian sanctions," Bart Malek, head of commodity strategies at TD Securities, told Reuters. Russia's Norilsk Nickel (OTCPK:NILSY), the world's biggest palladium and nickel producer, reiterated its full-year production guidance and said its operations remain uninterrupted, indicating that sales have not yet been hurt by the war.

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Palladium plummets 13% on China lockdowns, down 40% in six weeks