Palladium sheds 3.6% on concerns over global demand

Palladium futures fell Monday, to continue to drop off the all-time highs amid concerns over demand due to the spread of the Coronavirus in China and multiple other countries.

Experts fear that demand for industrial metals, such as palladium and copper, will be negatively affected by the spread of the Chinese virus as  its death toll and infected cases are increasing.

China announced that the Corona virus has claimed 81 victims and more than 2,000 infected cases, adding that authorities are building a hospital in Wuhan city in just 10 days to combat the virus in its "ground zero".

Investors took shelter in safe havens such as gold and silver, and eschewed industrial metal and stocks, due to the mounting fears over the virus.

Multiple other countries including the US, Saudi Arabia, Japan, South Korea and Malaysia have revealed that they have confirmed cases of the virus.

As of 14:58 GMT, Palladium March futures fell by 3.6% to $2,233 an ounce, after hitting a session-high of $2,326.2 and a low of $2228.1.