Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

In this list

Dollar palladium price hits all-time high, some profit locked in: sources

Electricity | Electric Power | Energy Transition | Metals

Fleet vehicle electrification could be big US EV growth driver

Energy Transition

Platts Global Integrated Energy Model

Electric Power | Renewables | LNG | Infrastructure Utilities

Caribbean Energy Conference, 21st

Electricity | Electric Power | Natural Gas | Oil | Crude Oil | Refined Products | Fuel Oil | Gasoline | Metals | Steel | Petrochemicals | Polymers

Indian refiners redraw products strategy to sail through energy transition wave


Rising EV-grade nickel demand fuels interest in risky HPAL process

Dollar palladium price hits all-time high, some profit locked in: sources

London — The dollar palladium price hit an all-time high during intraday trade Tuesday, and as such was hit by some modest profit-taking Wednesday as the market digested the move.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

"Although the price increase of the past two days was accompanied by a high trading volume -- 60% more futures were traded [Tuesday] than the average so far this year -- the palladium market is currently very tight and very illiquid," Commerzbank said in its daily research.

Palladium has been the story of the past two years in the precious/industrial space, with physical market tightness an ongoing theme. Some argue that the upside is all down to a squeeze by one player who is holding large quantities of physical and preventing leasing of the autocatalytic metal.

"Lease rates also remain very high, which likewise underlines the tightness on the market. ETFs have already been taking advantage of the high lease rates for some time, lending the material they hold," Commerzbank said.

One fund manager told S&P Global Platts Tuesday that he had just closed out a long position he took at $900/oz, giving a profit per ounce of around $150. However, he remained cautious of playing the short side just yet.

Nonferrous Metals Ambassador

Platts metals market reports feature global news, analysis, daily pricing and commentaries for major nonferrous metals, ferroalloys and steel products. Click the link below for more information; fill out the contact form and a member of Platts staff will be in touch.

Contact Us

Nevertheless, what goes up, must come down and as such some profit is currently being locked in. Palladium was spot bid in London as of 0910 GMT at $1,129/oz.

"Heightened concerns about tightening supplies, stoked by potential disruptions in Russia have been the driver in recent days," ANZ told clients. Russia is the world's largest primary and secondary palladium producer.

According to broker SP Angel, hedge funds had been building their bullish bets on the metal. "In the week ended October 16, money managers boosted their net-long position for an eighth straight week, the longest streak since January 2013. Wagers on the metal's price advance outnumbered bearish bets by 10,122 futures and options, the most since mid-June, Commodity Futures Trading Commission data released October 19 showed," the broker said.

Commerzbank added that, "as a result of palladium's strong upswing, the price gap between palladium and platinum has widened to over $320/oz. This could prompt autocatalyst manufacturers to consider using more platinum in their autocatalysts again after all."

--Ben Kilbey,

--Edited by Jonathan Fox,