%{{tag.tag}} {{articledata.title}} {{moment(articledata.cdate)}} @{{articledata.company.replace(" ","")}} comment Analysts at Swiss bank UBSGroup (NYSE: $UBS ) are forecasting that the price of %Palladium will fall 12% from current levels and trade at $900 U.S. per ounce by year’s end. In a note to clients, UBS said that the outlook for palladium has turned negative and that options traders are now betting against the metal that is used in automobiles, electronics, and jewellery. UBS added that a growing surplus is responsible for the downturn in sentiment. The bank forecasts an excess of 50,000 ounces of palladium, or 0.5% of demand, for this year. The rising surplus is expected to put downward pressure on palladium prices, with a target of $900 U.S. per ounce by the end of 2024. At the same time, UBS sees a decline in demand for palladium this year, particularly in the automotive sector that accounts for 90% of palladium usage. The bank forecasts a 2% contraction in total palladium demand in 2024. Overall, UBS maintains a negative outlook on Palladium’s future price owing to the growing surplus and waning demand. Palladium is currently trading at $1,027 U.S. per ounce, down 7% since the start of the year.