Palladium has continued to slide down the markets today (April 16th) with analysts claiming the metal is suffering from oversupply and sluggish industrial demand.

As prices fell today to their lowest level for six years traders warned of the metal's bleak future.

'There is not a great deal of industrial interest around at the moment, and there are more than a few offers (of metal),' one trader told Reuters.

Standard Bank London has suggested that whilst some car manufacturers have simply stockpiled the precious metal others have turned away from the substance completely.

According to analysts some carmakers have switched to more expensive metals such as platinum.

'End-users remain reluctant to switch back to using palladium, despite the massive price differential between it and platinum, having been badly hurt by the supply disruptions in the 1990s,' the bank said in a report.