Palladium weekly special report based on 1.00 Lot Calculation:
PALLADIUM USE AND MARKET SHARE:
- Palladium is mostly used in catalytic converters by the car industry to reduce harmful gas emissions while tightening regulation is forcing automakers to put more Palladium into each vehicle, which in turn could keep the demand outlook positive. Palladium has also been used in fuel cells to generate power.
- MARKET SHARE (PRODUCERS): Russia is the largest producer holding 43% of the markets, while South Africa is the second largest with 33.00% of the markets. Canada is third on the list with 9.5% of the global production.
- MARKET SHARE (CONSUMERS): China is the largest Palladium consumer with 31%, while Europe and North America (USA) hold 20% each. Japan stands at 11%.
- RUSSIA IS EXPECTED TO CUT PRODUCTION IN 2024: NORNICKEL, THE LARGEST PALLADIUM PRODUCER IN THE WORLD, TO CUT PRODUCTION IN 2024. The Russian miner said the output of the metal may fall almost 15% to as low as 2.3 million ounces. The company said that its production was down 17% year on year in Q4 of 2023.
NEWS:
- (SEPTEMBER 11): RUSSIAN PRESIDENT VLADIMIR PUTIN SAYS RUSSIA SHOULD CONSIDER LIMITING EXPORTS OF URANIUM, TITANIUM AND NICKEL IN RETALIATION FOR WESTERN SANCTIONS. In televised comments, he said such restrictions could also be introduced for other commodities, and noted that Russia was a major producer of natural gas, diamonds and gold. Russia is also the largest Palladium producer in the world (Source: Reuters).
EVENTS (CHINA): ECONOMIC DATA (MONTHLY) FOR AUGUST
- SATURDAY, SEPTEMBER 14 AT 03:00 GMT+1: CHINA INDUSTRIAL PRODUCTION (PREVIOUS: +5.1%).
EVENTS (USA):
- FEDERAL RESERVE INTEREST RATE DECISION (WEDNESDAY, SEPTEMBER 18 AT 19:00 GMT+1). The most recent economic turmoil in the US raised chances that the Fed could cut interest rates by 25 basis points in September, another 50 basis points in November and 25 basis points in December 2024. All in all, that could reduce interest rates from the current 5.5% (the highest in over 20 years) to 4.50%.
TECHNICAL ANALYSIS:
- BREAKING: PALLADIUM HAS TESTED ITS LOWEST RATE SINCE JUNE 2017 (810.50) ON AUGUST 5, 2024. The price has since recovered by around 23%, trading currently around $1000.
- PALLADIUM PRICES HAVE TESTED THE MARK OF $900 (OR NEAR) 10 TIMES IN 2024. Palladium tested the level of $900 last time on September 6, and since then its prices has risen around 11%, trading currently around $1000.
GRAPH (Daily): December 2023 – September 2024
Please note that past performance does not guarantee future results
PALLADIUM, September 12, 2024
Current Price: 1000
|
PALLADIUM |
Weekly |
|
Trend direction |
|
|
1300 |
|
|
1200 |
|
|
1100 |
|
|
900 |
|
|
880 |
|
|
860 |
Example of calculation base on weekly trend direction for 1.00 Lot1
|
Pivot Points |
||||||
|
Profit or loss in $ |
30,000 |
20,000 |
10,000 |
-10,000 |
-12,000 |
-14,000 |
|
Profit or loss in €2 |
27,241 |
18,161 |
9,080 |
-9,080 |
-10,897 |
-12,713 |
|
Profit or loss in £2 |
22,999 |
15,332 |
7,666 |
-7,666 |
-9,199 |
-10,733 |
|
Profit or loss in C$2 |
40,733 |
27,155 |
13,578 |
-13,578 |
-16,293 |
-19,009 |
1. 1.00 lot is equivalent of 100 units
2. Calculations for exchange rate used as of 10:00 (GMT+1) 12/09/2024
There is a possibility to use Stop-Loss and Take-Profit.
- You may wish to consider closing your position in profit, even if it is lower than suggested one.
- Trailing stop technique could protect the profit.