Metals

XPD/USD: Palladium / US Dollar

Spot palladium priced in US dollars per troy ounce. It is a thinner market than gold or silver, with correspondingly wider spreads.

Open an account Chart

What happens next

Choose live or demo, and say where you live. On this website. No name and no e-mail address is asked for here, and nothing is stored.
Register in the client portal. Your name, e-mail address, a password and your country; acceptance of the Terms and the Risk Disclosure. Then you confirm your e-mail address.
Demo: choose your virtual funds and open the terminal. Live: upload your identity documents; an account is opened once they are approved. Live trading is not yet connected.

Market DNA

Below, XPD/USD is taken apart: its class, its contract, its hours and what is connected to it. Structure, not a signal.

Market DNA

What XPD/USD is made of.

Its class, its contract, the hours it lives in and the institutions, releases and ideas connected to it.

This is structure. It is not a score and it is not a signal: it tells you what the instrument is, not what it will do.

BaseXPDPalladium

QuoteUSDUS Dollar

The price of XPD/USD is the amount of USD (US Dollar) needed for one troy ounce of palladium.

Asset class: Metals
Contract: Quoted in US dollars per troy ounce
Platform symbol: XPDUSD
Typical sessions: Close to 24 hours a day on weekdays, with a short daily break.See the sessions on the World Market Clock
Concepts: Liquidity

Trading conditions

As published by GIO4X.

Spread from: 4.5 USDminimum, widens with market conditions
Leverage: 1:50depends on instrument and jurisdiction
Minimum lot: 0.01
Contract: Quoted in US dollars per troy ounce
Platform symbol: XPDUSD

IndicativeSource: GIO4XIndicative trading conditions published by GIO4X. Not a live quote; actual spreads and requirements vary with market conditions and account type.

All trading conditions

Contract size, pip value and margin per lot

Contract size: Not yet published
Pip value per 1.00 lot: Not yet published
Margin per 1.00 lot: Not yet published

The 777 Raptor demo terminal does not list XPD/USD, and GIO4X has not yet published a contract specification for it. No figure is borrowed from a similar instrument. Contract specifications

Third-party chart

XPD/USD on a daily chart

The chart is supplied by TradingView and stays unloaded until you ask for it. Loading it connects your browser to TradingView’s servers.

Third partyChart by TradingViewThird-party data for Palladium / US Dollar, not supplied or verified by GIO4X and not a GIO4X price. Symbol OANDA:XPDUSD, UTC.

Before you trade it

Work the numbers. Know the words.

Tools

All tools

Glossary

Full glossary

In depth

What is particular to Palladium / US Dollar.

Palladium is the most specialised of the four metals: the great majority of it goes into catalytic converters for petrol engines, and very little is held as an investment. Supply comes mainly from two countries and mostly as a by-product of mining something else. A small market with one dominant use and inflexible supply has produced some of the most extreme price moves of any metal.

General education about the underlying market. It states no current price or rate, makes no forecast and is not advice. What GIO4X offers on this instrument is in the trading conditions on this page, not here.

What moves it

Petrol-engine vehicles: Demand rises and falls with the number of petrol and hybrid cars built and with how much metal emissions rules require in each one. Stricter standards in China, Europe and the United States through the 2010s raised the loading per vehicle and helped push the market into a long shortage. A vehicle powered only by a battery has no exhaust and uses none, which is the main long-term question over this metal.
Russia and South Africa: Russia and South Africa supply most of the world’s mined palladium, with smaller amounts from North America and Zimbabwe. In Russia it is a by-product of nickel mining and in South Africa of platinum mining, so output follows the economics of those metals and responds little to the palladium price. Any doubt about Russian deliveries reaches the price at once.
Shocks to Russian supply: In 2000 and early 2001 delays to Russian export shipments helped drive a sharp rise that reversed as fast. After the invasion of Ukraine began on 24 February 2022 the price rose steeply again, and in April 2022 the London market suspended the accreditation of Russia’s refiners for newly produced metal. In both cases the move was driven by fear about availability more than by any change in use.
Substitution with platinum: Carmakers can replace part of the palladium in a petrol catalyst with platinum, after a period of testing and approval. They began doing so when palladium became much the dearer of the two. Substitution is slow to start and slow to reverse, so it acts on the price over years.
Recycling: Metal recovered from scrapped catalytic converters is a large and growing source of supply. It depends on how many old vehicles are scrapped and on the price, which determines how keenly scrap is collected. As more cars built in the years of heavy loadings reach the end of their lives, this supply rises regardless of mining.

Mechanics

How it is quoted and built.

XPD and how it is quoted: XPD is the code for one troy ounce of palladium, and XPD/USD is its price in US dollars. It is the least traded of the four metals on this site. Quotes carry the widest gap between buying and selling prices of the four, and that gap grows quickly when the market is disturbed.
A price history without an anchor: For most of its history palladium was the cheaper of the two sister metals. From the late 2010s, for several years, it cost more than platinum and for a time more than gold, before falling back a long way. No relationship between these prices has proved permanent.
The benchmark and the wholesale market: The LBMA Palladium Price is set twice each London business day in an auction run by the London Metal Exchange since December 2014. Wholesale metal is held and settled in London or Zurich under the rules of the London Platinum and Palladium Market. The auction price is the reference in contracts between producers and carmakers.
Borrowing costs as a signal: Industrial users often borrow metal instead of buying it. When palladium is scarce the rate charged for lending it rises, and the price for immediate delivery moves above the price for later delivery. These signs of tightness have accompanied the metal’s sharpest rises and can vanish as quickly as they appear.
The futures exchange: Palladium futures trade on NYMEX in New York, part of CME Group, in a contract of 100 troy ounces. The number of contracts outstanding is small beside gold or silver. The exchange has raised margin requirements sharply during violent moves, which itself forces some holders to close positions.

Not the same thing

The market itself, and a contract on its price.

Spot reference price: Spot palladium is the wholesale price for metal in London or Zurich, quoted by very few dealers. In a disturbed market those quotes can differ from one another and from the futures price by amounts unknown in gold.
A futures contract: A NYMEX palladium future is for 100 ounces in a named month, with few active months. When metal is scarce the nearest month can trade well above later ones. A holder who moves from one month to the next then does so at prices that reflect that scarcity.
Physical metal: Palladium coins and bars are produced in very small numbers, with high premiums and few buyers on resale. The origin of a bar can matter: metal from a refiner whose accreditation has been suspended may not be accepted in the wholesale market. Like silver and platinum, it does not share investment gold’s exemption from value added tax in the United Kingdom and the European Union.
A contract on the price: A contract for difference or margined position follows the palladium price with no metal owned. It does not distinguish where metal came from or whether any can be borrowed, though both drive the price it tracks. In so thin a market the cost of dealing and the size of gaps are the largest among the four metals, and the position normally carries a financing adjustment overnight.

Timetable and sources

What is scheduled, and where the facts come from.

Worth knowing the timetable of

Monthly vehicle sales and production figures for China, the United States and Europe, and the share of battery-electric vehicles within them
Johnson Matthey’s annual PGM Market Report
Production reports from the large Russian and South African mining companies, quarterly
Changes to sanctions, tariffs or accreditation affecting Russian metal
The weekly Commitments of Traders report, for positioning in NYMEX palladium futures

Named, never dated: dates move. The Economic Events page explains the main releases.

Primary sources

Johnson Matthey: PGM Market Report
London Platinum and Palladium Market: Good Delivery list and notices; London Metal Exchange: LBMA Palladium Price
CME Group: NYMEX palladium futures contract specifications and margin notices
Commodity Futures Trading Commission: Commitments of Traders

Named by publisher and series, so each can be found from the publisher itself. GIO4X has no connection with them.

What would a trade in it cost?

The cost of a trade is the spread, any commission, and financing for each night it is held. The Cost Lab works the three out for a day trade, an overnight position and a longer hold, from figures you enter. A complete total also needs the swap rates, which are not yet published; the Lab shows which input is missing instead of a total that only looks complete.

Work it out in the Cost Lab

The risk, in ordinary type.

Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose.

XPD/USD is traded on margin. Educational information, not investment advice or a recommendation to trade.

Risk disclosure

Continue

Fetching the page

XPD/USDPalladium / US Dollar

Spot palladium priced in US dollars per troy ounce. It is a thinner market than gold or silver, with correspondingly wider spreads.

Open an account Chart

What happens next

Choose live or demo, and say where you live. On this website. No name and no e-mail address is asked for here, and nothing is stored.
Register in the client portal. Your name, e-mail address, a password and your country; acceptance of the Terms and the Risk Disclosure. Then you confirm your e-mail address.
Demo: choose your virtual funds and open the terminal. Live: upload your identity documents; an account is opened once they are approved. Live trading is not yet connected.

As published by GIO4X.

Spread from

4.5 USDminimum, widens with market conditions

Leverage

1:50depends on instrument and jurisdiction

Minimum lot

0.01

Contract

Quoted in US dollars per troy ounce

Platform symbol

XPDUSD

IndicativeSource: GIO4XIndicative trading conditions published by GIO4X. Not a live quote; actual spreads and requirements vary with market conditions and account type.

All trading conditions

Contract size, pip value and margin per lot

Contract size: Not yet published
Pip value per 1.00 lot: Not yet published
Margin per 1.00 lot: Not yet published

The 777 Raptor demo terminal does not list XPD/USD, and GIO4X has not yet published a contract specification for it. No figure is borrowed from a similar instrument. Contract specifications

What is particular to Palladium / US Dollar.

What moves it

Petrol-engine vehicles: Demand rises and falls with the number of petrol and hybrid cars built and with how much metal emissions rules require in each one. Stricter standards in China, Europe and the United States through the 2010s raised the loading per vehicle and helped push the market into a long shortage. A vehicle powered only by a battery has no exhaust and uses none, which is the main long-term question over this metal.
Russia and South Africa: Russia and South Africa supply most of the world’s mined palladium, with smaller amounts from North America and Zimbabwe. In Russia it is a by-product of nickel mining and in South Africa of platinum mining, so output follows the economics of those metals and responds little to the palladium price. Any doubt about Russian deliveries reaches the price at once.
Shocks to Russian supply: In 2000 and early 2001 delays to Russian export shipments helped drive a sharp rise that reversed as fast. After the invasion of Ukraine began on 24 February 2022 the price rose steeply again, and in April 2022 the London market suspended the accreditation of Russia’s refiners for newly produced metal. In both cases the move was driven by fear about availability more than by any change in use.
Substitution with platinum: Carmakers can replace part of the palladium in a petrol catalyst with platinum, after a period of testing and approval. They began doing so when palladium became much the dearer of the two. Substitution is slow to start and slow to reverse, so it acts on the price over years.
Recycling: Metal recovered from scrapped catalytic converters is a large and growing source of supply. It depends on how many old vehicles are scrapped and on the price, which determines how keenly scrap is collected. As more cars built in the years of heavy loadings reach the end of their lives, this supply rises regardless of mining.

How it is quoted and built.

XPD and how it is quoted: XPD is the code for one troy ounce of palladium, and XPD/USD is its price in US dollars. It is the least traded of the four metals on this site. Quotes carry the widest gap between buying and selling prices of the four, and that gap grows quickly when the market is disturbed.
A price history without an anchor: For most of its history palladium was the cheaper of the two sister metals. From the late 2010s, for several years, it cost more than platinum and for a time more than gold, before falling back a long way. No relationship between these prices has proved permanent.
The benchmark and the wholesale market: The LBMA Palladium Price is set twice each London business day in an auction run by the London Metal Exchange since December 2014. Wholesale metal is held and settled in London or Zurich under the rules of the London Platinum and Palladium Market. The auction price is the reference in contracts between producers and carmakers.
Borrowing costs as a signal: Industrial users often borrow metal instead of buying it. When palladium is scarce the rate charged for lending it rises, and the price for immediate delivery moves above the price for later delivery. These signs of tightness have accompanied the metal’s sharpest rises and can vanish as quickly as they appear.
The futures exchange: Palladium futures trade on NYMEX in New York, part of CME Group, in a contract of 100 troy ounces. The number of contracts outstanding is small beside gold or silver. The exchange has raised margin requirements sharply during violent moves, which itself forces some holders to close positions.

The market itself, and a contract on its price.

Spot reference price: Spot palladium is the wholesale price for metal in London or Zurich, quoted by very few dealers. In a disturbed market those quotes can differ from one another and from the futures price by amounts unknown in gold.
A futures contract: A NYMEX palladium future is for 100 ounces in a named month, with few active months. When metal is scarce the nearest month can trade well above later ones. A holder who moves from one month to the next then does so at prices that reflect that scarcity.
Physical metal: Palladium coins and bars are produced in very small numbers, with high premiums and few buyers on resale. The origin of a bar can matter: metal from a refiner whose accreditation has been suspended may not be accepted in the wholesale market. Like silver and platinum, it does not share investment gold’s exemption from value added tax in the United Kingdom and the European Union.
A contract on the price: A contract for difference or margined position follows the palladium price with no metal owned. It does not distinguish where metal came from or whether any can be borrowed, though both drive the price it tracks. In so thin a market the cost of dealing and the size of gaps are the largest among the four metals, and the position normally carries a financing adjustment overnight.

What is scheduled, and where the facts come from.

Worth knowing the timetable of

Monthly vehicle sales and production figures for China, the United States and Europe, and the share of battery-electric vehicles within them
Johnson Matthey’s annual PGM Market Report
Production reports from the large Russian and South African mining companies, quarterly
Changes to sanctions, tariffs or accreditation affecting Russian metal
The weekly Commitments of Traders report, for positioning in NYMEX palladium futures

Named, never dated: dates move. The Economic Events page explains the main releases.

Primary sources

Johnson Matthey: PGM Market Report
London Platinum and Palladium Market: Good Delivery list and notices; London Metal Exchange: LBMA Palladium Price
CME Group: NYMEX palladium futures contract specifications and margin notices
Commodity Futures Trading Commission: Commitments of Traders

Named by publisher and series, so each can be found from the publisher itself. GIO4X has no connection with them.

What would a trade in it cost?

Work it out in the Cost Lab

The risk, in ordinary type.

XPD/USD is traded on margin. Educational information, not investment advice or a recommendation to trade.

Risk disclosure