COMEX Palladium registered inventory is 198.0K oz as of September 10, 2026, little changed over the past 30 days. It is currently draining faster than usual for this series.
Registered metal is what can be delivered against futures contracts today. That is 79.1% of all COMEX Palladium in approved vaults; the other 52.2K oz is eligible but has not been warranted for delivery.
At today's price, that is worth ~$262.2M
Registered inventory sits within its normal range.
The Desk's read
The plumbing has gone still. COMEX registered palladium, metal warranted for delivery against futures, sits at 198K oz as of 2026-09-09, the 47th percentile of the 8-month record and squarely mid-range for its history. Over 30 days the level has not moved, a flat 0.0%. What motion the record holds is on the drain side: the trailing 40-report pace ranks at the 13 percentile of all such stretches. Watch the next daily depository report, the next trading day, for whether that quiet pace holds.
On the September 9, 2026 figures.
Metal that physically entered or left on the latest report.
Open contracts against the metal registered to settle them.
Registered divided by the average daily withdrawal. Metal arriving is not counted, so this is a countdown only while the pile is shrinking.
Contracts stopped over the last 30 days.
Inventory Trend
Registered metal in vaults, last 8 months
Physical Flow vs Book Change
Metal moving in and out of the vault vs how the records changed
Metal Moving
Book Changes
Why these two numbers differ
Metal moving = what physically entered or left the vault. Book changes = warrants being reclassified between registered and eligible. The two numbers differ when records catch up to physical activity on different days.
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What this means
COMEX palladium registered inventory is among the smallest of any exchange-traded metal. Palladium's dominant use in gasoline-engine catalytic converters ties its inventory story directly to automotive production cycles.
Inventory chart
View the 30-day chart with daily data points: COMEX Palladium inventory chart →
Live dashboard
The interactive COMEX dashboard shows registered and eligible inventory by warehouse, delivery flows, and Commitment of Traders positioning: Open COMEX dashboard →
Related metals
Glossary
- Registered inventory
- Metal in COMEX-approved vaults that has been certified (warranted) for delivery against a futures contract. This is the headline deliverable number.
- Eligible inventory
- Metal meeting COMEX purity/bar standards stored in approved vaults but not yet warranted. Can be converted to registered with paperwork.
- Delivery squeeze
- When open interest (futures contracts outstanding) approaches or exceeds registered inventory, holders of longs can force physical delivery, driving sharp price spikes.
- Stop/issue
- A stop is taking delivery of metal; an issue is making delivery. The daily stop/issue report tracks who is delivering and receiving.
Quick answers
- When did COMEX registered Palladium last fall below 200K oz?
- COMEX registered Palladium inventory fell below 200K oz on August 5, 2026 and stands at 198.0K oz as of September 10, 2026.
- When did COMEX registered Palladium last rise above 150K oz?
- COMEX registered Palladium inventory rose above 150K oz on February 26, 2026 and stands at 198.0K oz as of September 10, 2026.
Common questions
- What is the current COMEX registered Palladium inventory?
- COMEX registered Palladium inventory stood at 198.0K oz as of September 10, 2026, per the daily COMEX warehouse report. That is 79.1% of the 250.2K oz held in COMEX-approved vaults; the rest is eligible stock not yet warranted. Registered stock carries a warrant and is deliverable against COMEX futures, so it is the supply cushion traders watch.
- What is the gold/silver ratio?
- The gold/silver ratio is the price of one ounce of gold divided by the price of one ounce of silver — it tells you how many ounces of silver it takes to buy one ounce of gold. A higher ratio means silver is relatively cheaper to gold; a lower ratio means the opposite. Stackers watch it as a relative-value gauge between the two metals.
- What is the difference between registered and eligible inventory?
- Registered metal carries a warehouse warrant and can be delivered against a futures contract immediately. Eligible metal meets exchange specs and sits in the same approved vaults but has no active warrant, so it is not deliverable until its owner registers it. Registered is deliverable now; eligible is on the sidelines.
- How many grams are in a troy ounce?
- One troy ounce equals 31.1035 grams, slightly heavier than a regular (avoirdupois) ounce of 28.35 grams. Precious metals are always quoted in troy ounces, so COMEX inventory and spot prices on this site use troy ounces.
- What do contango and backwardation mean in COMEX futures?
- Contango means metal for delivery next month costs more than metal in the front month, the normal state, because storing and financing metal has a cost. Backwardation is the reverse: the front month costs more than the next month out, which usually signals near-term tightness in physical supply.
Storage and verification gear
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- Coin capsules : Airtight capsules to protect bullion coins and rounds.
- Digital scales with 0.01 g resolution : The first check on any coin or bar is its weight.
- Gold & silver test kits : Verify a coin or bar is real metal, not a plated fake, before you trust it.
Data from official COMEX warehouse reports (CME Group), updated each business day.