Palladium Tumbles Into Bear Market With Precious Metals Crushed
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Palladium, one of last year’s best-performing commodities, tumbled into a bear market as a strengthening dollar and coronavirus fears hammered precious metals and other raw materials.
Prices have fallen more than 20% on the New York Mercantile Exchange since a peak in late February, meeting the common definition of a bear market. Palladium dropped as much as 30% Thursday, the biggest-ever intraday loss in records back to 1986. The abrupt turn comes after shortages of the metal used in pollution-control devices pushed prices up by more than half last year.