Palladium futures climbed over $1,700, reaching a three-week high as short-term supply concerns were amplified by geopolitical tensions. Investors are weighing the risk of potential disruptions stemming from US–Iran nuclear negotiations. The US and Iran are scheduled to resume nuclear negotiations in Geneva on Thursday, against a backdrop of continued military buildup and strategic pressure. Additional support comes from the U.S. preliminary 132.83% antidumping duty on Russian palladium imports, announced in mid-February 2026. Given the metal’s concentrated supply and central role in automotive catalysts, the Commerce Department’s final determination in April and the ITC injury assessment in June are expected to maintain elevated supply risk and underpin cautious positioning among industrial and trading accounts.
