Palladium Futures Surge 8% on Russia Sanctions

Palladium futures are on track to close out the week up nearly 80 points as supply concerns over a fresh round of US imposed sanctions on Russia, the world’s top palladium producing country, pull the commodity into bearish territory.

The commodity, commonly used in manufacturing catalytic converters, was one of the best performers over the last 15 months, surging over 77% since its low in November 2017 to its recent all-time high in early 2018. However, palladium futures experienced a sharp decline in January as fear of a trade war between the US and China sent investors on a liquidation frenzy.

January’s selloff primed the precious metal for a sharp rebound as supply chain woes heat up. Currently trading at the 23.60% retracement, a strong price level that supported a number of bounces in February and March, closely aligns with its 200 day moving average of $964.

Palladium Futures

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