Palladium futures fall below $1,410/oz on strong US payrolls

Palladium futures fell below $1,410 per ounce, although remaining near the same level since early August, continuing to be influenced by near-term investment flows following the latest US payrolls data, which reflected a resilient labor market, boosting expectations of a Fed rate hike and reducing demand for non-yielding palladium.

Meanwhile, volatile fuel prices continue to dampen demand for internal-combustion-engine vehicles, although hybrid demand remains resilient.

The European Union is facing pressure to include tariffs on hybrid vehicles from Chinese manufacturers in the existing duties on Chinese fully electric vehicles.

Additionally, a coalition of major US automakers, including General Motors, Toyota, and Volkswagen, urged lawmakers to permanently ban Chinese vehicles, as Chinese automakers are rapidly gaining market share across major economies, which could support demand for palladium used in catalytic converters.