Palladium futures CFD trading with AvaTrade
It is not kryptonite, and we hope it cannot harm any superhero, however it still is one of the rarest metals on earth. Palladium CFD trading have had some major changes over the years, and has surged in over 500% in the beginning of the 2000s.
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The Palladium Market
The palladium market is open from 23:00 to 21:59 GMT Monday to Friday, and is traded on the New York Mercantile Exchange (NYMEX). Most of the Palladium mined, around 60%, goes to the auto industry. Other consumers of palladium are jewelry, electronics and dentistry. The price of palladium is determined against the USD, even though most of the mined palladium doesn’t come from the US. Palladium is counted in Troy Ounce, and the minimal amount needed to commence a trade is one ounce.
What Influences the Price of Palladium?
As one of the rarest precious metals that exist on the planet, its price had seen fluctuations that might not be common for most instruments. From a price of 168 USD in 2001, palladium rose to 858 USD in 2005 – a span of about 4 years, a change of over 500%. So what can cause changes in palladium price?
- As Russia supplies nearly 50% of the global usage of palladium, and another 30% is provided by South Africa, they gain control over the market and can affect the price. Another part is that Russia refuses to reveal how much palladium they have stored and how much is mined, therefore it is unknown how much they will supply in future years. Low estimates can bring on a rise in price.
- The general political and economic state can always affect the different markets, however the fact that two countries only are the main suppliers has even more risks. A change that will affect one of them, especially Russia, can cause an upheaval in the palladium market. It is important to remember that often metals are linked to one another, so a dramatic change of palladium price might also result in other metals’ prices changing.
- As mentioned before, some 60% of palladium usage goes to the auto industry. As more people buy and use cars, the price of palladium will rise as the demand rises. It is also true, naturally, to other industries who consume palladium, but as the auto industry is the main one by far, it has the most effect on its price.
Trading Palladium with AvaTrade
As a unique and rare metal, palladium holds within it some exciting trading options. Its volatility is not high; yet traders do favour palladium trading. Knowing that, AvaTrade offers its clients trading this rather rare instrument, while enjoying the all the top services provided by AvaTrade.
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