Palladium price heads for biggest one-day gain in two months on short covering

Reuters | February 14, 2024 | 9:48 am Intelligence Markets Palladium 

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Palladium rose by 8% on Wednesday, regaining a premium against its sister metal platinum, as some investors covered their short positions after the volatile metal held above the $900 level.

Spot palladium was up 7.9% at $932.14 per troy ounce by 1653 GMT. This was the metal’s biggest one-day gain in two months. Prices had touched their lowest in more than five years of $849.13 on Tuesday.

“We believe some short positions are getting covered which was to be expected at one point in time,” said Dominik Sperzel, co-head of trading at Heraeus.

Last week, palladium had fallen below platinum for the first time since 2018. Its strong growth on Wednesday took back the premium as platinum had a smaller daily rise – of 2.5% to $893.95 per ounce.

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