Palladium Steadies After 5% Jump on Russia Supply Risks

Palladium steadied after jumping as much as 5% on Monday on supply concerns following a recent suspension on trading of the metal sourced from Russia in the London hub, while gold was buoyed by inflation fears.

Palladium was steady at $2,425.04 per ounce by 2:14 p.m. ET (1814 GMT) in choppy trading, having earlier scaled a peak since March 24 at $2,550.58. Platinum fell 0.2% to $973.40.

Newly refined Russian platinum and palladium was suspended from trading in London from Friday, denying access to the metals’ biggest trade hub because of the Ukraine war. read more

“The underlying fundamental support of concerns about supply disruptions remains the main focal point of the market,” said David Meger, director of metals trading at High Ridge Futures.

Spot gold was up 0.1% at $1,947.80 per ounce after hitting its highest since March 14 at $1,968.91. U.S. gold futures settled up 0.1% at $1,948.2.

Gold gave up some gains after Chicago Federal Reserve President Charles Evans signalled he would not oppose getting interest rates up to a neutral setting, which would require a couple of 50 basis-point rate hikes at the central bank’s upcoming meetings. read more

“The real question is are (the Fed) truly going to take a strong enough stance against these inflationary pressures to stave off potentially what we believe is still a very supportive gold market?” High Ridge’s Meger added.

While gold is considered a hedge against inflation, rate hikes increase the opportunity cost of holding the non-yielding bullion. Focus was now on the March U.S. consumer price report due on Tuesday, with traders expecting further rises due to the impact of the Ukraine war on energy costs. read more

“The war is continuing and without a clear solution and it’s becoming evident it’s becoming a long term matter,” supporting gold, said Carlo Alberto De Casa, external market analyst at Kinesis.

Spot silver rose 0.5% to $24.87 per ounce.

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By: Edward Spence & Ranjeetha Pakiam

The airspace closure is disrupting exports of Russian palladium,” said Giovanni Staunovo, a commodity analyst at UBS Group AG’s global wealth management unit. “Further price support is likely coming from investor-and-consumer-led buying trying to secure physical palladium.”

Putin said again on Sunday the war will continue until Ukraine accepts his demands and halts resistance, dimming hopes for a negotiated settlement. The U.S. is now considering an embargo on Russian oil supplies as it tries to ratchet up pressure on the Kremlin.

“With low above-ground inventories, palladium, which was under-supplied for nine years until 2020, is very sensitive to supply disruption risks,” Staunovo said. Already premiums on sponge palladium — used by industrial users — are surging.

One buyer was paying as much as $15 an ounce over the spot price last week, according to a person familiar with the matter Still, shipments from Russia. Spot palladium climbed as high as $3,442.47 an ounce, surpassing a previous record set in May. The metal traded up 10.3% at $3,322.14 an ounce at 12:09 p.m. in London. In other precious metals markets, spot gold topped $2,000 an ounce for the first time since August 2020.

Bullion is extending gains after posting its biggest weekly advance since July 2020 amid mounting concerns that the raft of penalties against Russia could dim global growth and further stoke inflation. Silver steadied and platinum advanced.

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