Volatility pushes palladium spot price up 23.5 percent in nine trading days

Concerns over metal supply from Russia, world’s largest palladium producer
By , Coin World
Published : 04/24/18
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Volatility in the palladium market sparked by concerns over Russian metal supplies pushed the spot price of the precious metal per troy ounce up 23.5 percent during the nine trading days of April 9 through 19.

The spot price of the metal closed at $852 per troy ounce Friday, April 6, but rose to more than $1,052 April 19.


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Although the London PM spot price closed April 20 at $1,031 per troy ounce, that was still nearly $100 an ounce higher than platinum. In contrast, on April 20, 2017, the market closed at $802 per troy ounce for palladium.

Johnson Matthey indicates that Russia contributes between 40 and 50 percent of the world’s output of palladium, with Russia and South Africa combined controlling more than 75 percent of the total supply.

Johnson Matthey reports that global palladium demand outstripped supply by 25.4 tons in 2017.

Palladium and platinum are key components in the worldwide automobile manufacturing industry, used in autocatalysts for emissions controls.

Macrotrends reports that if Russia restricts its supply of palladium in reaction to the bombing of Syria or the latest round of sanctions imposed by the United States, that action could push palladium prices sharply higher.

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Unless the U.S. Mint is hedging its metal purchases or has already purchased metal for the production and fall release of its planned Proof 2018-W American Eagle 1-ounce palladium coin, the cost to acquire the metal could be sharply higher than in 2017 when the U.S. Mint issued a bullion version.

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