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Dealers raised rhodium's bid by $100 to $8,650 an ounce on Wednesday, Nov. 4, the first increase since Oct. 20, as palladium and platinum rallied after the U.S. midterm elections. The ask rose by the same amount to $9,650, according to Metal Sentinel's rhodium price API.
The quote had stood at $8,550 bid and $9,550 ask since Oct. 29. The new bid sits above the $8,500 to $8,625 range Metal Sentinel expected for the week of Nov. 2.
Palladium and platinum rally
The change came at 8:52 a.m. GMT. Later that day, palladium was up 6.5% at $994.25 and platinum up 4.4% at $1,478.35, CNBC reported, after projections showed Democrats winning control of the U.S. House. The dollar index fell about 0.4%.
Palladium's bid had dropped to $915 on Tuesday before rebounding, according to Metal Sentinel data. Both metals are used mainly in catalytic converters. Rhodium's previous change, a $75 cut on Oct. 29, came as palladium fell below $1,000.
Rhodium has no futures market. A handful of refiners and dealers quote it and adjust the bid and ask when physical trades clear, so the price moves in steps.
Since late September, the bid has moved in a band of about $600. It fell from $8,675 on Sept. 25 to $8,250 on Oct. 7, rose to $8,850 on Oct. 13, then dropped to $8,500 two days later.
A wide spread and different prices
The gap between bid and ask stayed at $1,000, about 11% of the mid price of $9,150. That is the widest spread among the metals Metal Sentinel tracks.
Other price sources show different levels for the same metal. Heraeus listed rhodium at $9,300 an ounce in its Oct. 12 Precious Appraisal and said the price was flat that week.
Rhodium's 12-month bid range is $7,200 to $10,600.
Supply and demand
South Africa produces about 80% of the world's primary rhodium. Heraeus expects the country's output to slip to about 540,000 ounces this year from 555,000 in 2025.
Autocatalysts take about 85% of demand. Johnson Matthey forecasts a surplus of about 15,000 ounces in 2026 after a deficit in 2025, and Heraeus has set its price range for the year at $6,000 to $9,000.
The calendar
U.S. data will matter more for palladium and gold than for rhodium directly.
Friday, Nov. 6: October jobs report, 8:30 a.m. EST.
Tuesday, Nov. 10: October consumer price index, 8:30 a.m. EST.
The Federal Reserve held rates at 3.75% to 4% on Oct. 28 and left a December hike open.
Levels to watch
Support: $8,550, the bid from Oct. 29 to Nov. 3. Below that, $8,500, the bid on Oct. 15.
Resistance: $8,850, the Oct. 13 high. Above that, $9,000.
Metal Sentinel's forecast
Metal Sentinel expects dealers to keep rhodium's bid between $8,550 and $8,850 in the week of Nov. 9. A move back to $8,550 is likely if palladium falls below $950 again, while a palladium close above $1,000 would support another step up.
For the other catalyst metals, see the palladium price forecast and the platinum price forecast for Nov. 2-6. The October slide is covered in the rhodium recap for Oct. 26-30. Metal Sentinel's rhodium price API publishes live rhodium bid and ask prices in more than 180 currencies.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always perform your own due diligence before investing in metals.