Palladium falls as concern EVs will destroy demand returns to the fore

LONDON, Jan 4 (Reuters) – Palladium prices fell by 3% on Thursday as concern the take-up of electric vehicles will destroy long-term demand unravelled some of the December gains that followed Britain’s expansion of sanctions on other Russian metal trade. Commodity analysts said technical factors also played a part as palladium fell by 3% to $1,033 a troy ounce by 1859 GMT, its lowest since Dec. 14 when the UK restrictions were announced and the market was concerned about their possible expansion in future. Russia, which is being punished by widening western sanctions for its invasion of Ukraine in 2022, is home to Nornickel. It has not been directly targeted by the sanctions so far, but it mines 40% of…