How much palladium is stored in NYMEX warehouses?

NYMEX palladium inventory fluctuates based on deliveries, industrial consumption, and investment flows. Palladium stocks are measured in troy ounces. Check the chart above for the most current figures.

Why has palladium inventory been volatile?

Palladium inventory has seen significant swings due to its heavy dependence on automotive demand for gasoline catalytic converters. Supply constraints from major producers Russia and South Africa, combined with the shift toward electric vehicles, create ongoing uncertainty in palladium markets.

What drives palladium demand?

Over 80% of palladium demand comes from the automotive sector for gasoline engine catalytic converters. Other uses include electronics, dentistry, and jewelry. The transition to electric vehicles is a long-term headwind, but tightening emissions standards continue to increase palladium loading per vehicle.

How does palladium compare to platinum?

Both metals are platinum group metals (PGMs) used in catalytic converters. Palladium is primarily used in gasoline engines while platinum is used in diesel engines. Both are stored in the same NYMEX-approved depositories and reported together in the PA-PL stock report.

Why is palladium price so volatile?

Palladium supply is highly concentrated (Russia ~40%, South Africa ~35%) and primary demand is from automotive catalysts, which tracks car production. This supply concentration combined with inelastic demand makes palladium prices especially sensitive to geopolitical events, mining disruptions, and automotive production changes.

NYMEX Palladium Inventory

Physical palladium stocks in NYMEX-approved warehouses

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What Is NYMEX Palladium Inventory?

NYMEX palladium inventory represents the total physical palladium stored in CME Group-approved depositories. Palladium is one of the rarest precious metals, with over 80% of supply coming from Russia and South Africa. The inventory is divided into registered (warranted for delivery) and eligible (meets standards but not warranted) categories.

Why Palladium Inventory Matters

Palladium is critical for the automotive industry, where it is used in catalytic converters to reduce harmful emissions from gasoline engines. With concentrated supply from just two countries, palladium is particularly sensitive to geopolitical risks and supply disruptions. NYMEX inventory provides a transparent view of deliverable supply in Western markets.

NYMEX Palladium Futures Contract Specifications

The NYMEX palladium futures contract (symbol PA) represents 100 troy ounces of palladium, with delivery months in March, June, September, and December. Palladium must meet a minimum purity of 99.95% and be delivered in approved sponge or ingot form to NYMEX-designated depositories. The larger contract size compared to platinum (100 oz vs 50 oz) reflects palladium's historically lower per-ounce price.

Trading hours for NYMEX palladium futures mirror other precious metals contracts, running nearly 23 hours per day on the CME Globex electronic platform. The palladium market is notably thinner than gold or silver, which can lead to wider bid-ask spreads and more pronounced price moves, particularly during off-peak trading hours.

Palladium Supply and Demand Fundamentals

Palladium supply is extraordinarily concentrated. Russia (primarily through Norilsk Nickel) produces approximately 40% of global palladium, while South Africa contributes around 35%. The remainder comes from recycling of spent catalytic converters and minor production from Canada and the United States. This supply concentration makes palladium one of the most geopolitically sensitive commodities in the world.

Approximately 80% of palladium demand comes from gasoline vehicle catalytic converters, where it converts harmful carbon monoxide, hydrocarbons, and nitrogen oxides into less harmful substances. Tightening emissions standards globally have increased the amount of palladium required per vehicle, even as overall vehicle production fluctuates with economic cycles.

The long-term demand outlook is shaped by the transition to electric vehicles, which do not require catalytic converters. However, the pace of EV adoption varies significantly by region, and hybrid vehicles still use palladium catalysts. Electronics, dentistry, and chemical applications provide additional but smaller demand sources.

Data Sources & Methodology

NYMEX palladium inventory data is sourced from the CME Group's daily PA-PL (Palladium-Platinum) stock report, which is published each business day after market close. The report provides a depository-by-depository breakdown of registered and eligible palladium stocks held in approved NYMEX warehouses.

MetalCharts processes this data daily to calculate net changes, track historical trends, and present inventory movements in chart format. Our records allow users to analyze long-term palladium stock trends and correlate inventory changes with price movements, automotive production data, and geopolitical developments.

Frequently Asked Questions

How much palladium is stored in NYMEX warehouses?: NYMEX palladium inventory fluctuates based on deliveries, industrial consumption, and investment flows. Palladium stocks are measured in troy ounces. Check the chart above for the most current figures.
Why has palladium inventory been volatile?: Palladium inventory has seen significant swings due to its heavy dependence on automotive demand for gasoline catalytic converters. Supply constraints from major producers Russia and South Africa, combined with the shift toward electric vehicles, create ongoing uncertainty in palladium markets.
What drives palladium demand?: Over 80% of palladium demand comes from the automotive sector for gasoline engine catalytic converters. Other uses include electronics, dentistry, and jewelry. The transition to electric vehicles is a long-term headwind, but tightening emissions standards continue to increase palladium loading per vehicle.
How does palladium compare to platinum?: Both metals are platinum group metals (PGMs) used in catalytic converters. Palladium is primarily used in gasoline engines while platinum is used in diesel engines. Both are stored in the same NYMEX-approved depositories and reported together in the PA-PL stock report.
Why is palladium price so volatile?: Palladium supply is highly concentrated (Russia ~40%, South Africa ~35%) and primary demand is from automotive catalysts, which tracks car production. This supply concentration combined with inelastic demand makes palladium prices especially sensitive to geopolitical events, mining disruptions, and automotive production changes.