COMEX Palladium: 17,000 Ounces Left the Deliverable Pool in One June Day

On June 11, 2026, the amount of COMEX palladium available for immediate delivery fell by 17,283 troy ounces in a single session. That is the largest one-day move in the metal's registered stocks all year, more than double the runner-up. A number like that looks like a supply shock. It was not one, and the warehouse ledger says so plainly.

COMEX sorts every vault's metal into two buckets. Registered stock carries a warrant and can settle a futures contract tomorrow. Eligible stock meets the exchange's quality bar but sits outside the delivery pool until its owner chooses to warrant it. The boundary between the two is not fixed. Owners re-title metal back and forth, and that boundary is exactly what moved on June 11.

A reclassification, not an outflow

Total palladium in COMEX vaults did not change that day. It held at 236,260.664 ounces, the same figure as June 10, down to the milligram. What changed was the split: registered dropped from 201,986.526 to 184,703.744 ounces, and eligible rose by the identical 17,282.782 ounces. No metal left the building. It was reclassified from the deliverable pool into the standby pool.

The effect on the number that matters to anyone tracking delivery risk, the deliverable share, was still real. It fell from 85.5% to 78.2% in one print, the sharpest single-day drop of 2026 for palladium.

Which vaults moved

This is where a headline number becomes a fact you can check. The 17,283-ounce drop was not a single entry. It was four separate reclassifications across four depositories, each one preserving its own vault total:

• Loomis International moved 12,143.973 ounces from registered to eligible, the bulk of it.
• StoneX Precious Metals moved 4,150.396 ounces.
• Manfra, Tordella & Brookes moved 892.759 ounces.
• Delaware Depository moved 95.654 ounces.

Those four figures sum to 17,282.782 ounces, the exact daily change. Eleven warehouses reported that day; the other seven did not move. A data glitch does not produce four internally consistent, vault-attributed entries that add up to the penny. This was metal being re-titled by its owners.

How it resolved

The reclassified metal did not vanish, and it did not stay parked for long. The very next day, June 12, Loomis added 16,612 ounces of fresh registered palladium, and its registered balance climbed above where it started the week. The reclassified eligible metal sat in the standby pool through June 24, then cleared: on June 25 roughly 18,600 ounces of eligible stock left the vaults and the deliverable share jumped back to 85.2%.

As of July 22, palladium's registered stocks stand at 201,614 ounces against a total of 233,600, a deliverable share of 86.3%, its high for the stretch. The June scare, such as it was, has fully reversed.

The bigger picture: a supply shock the price is ignoring

Step back from June 11 and the palladium vault tells a larger story. COMEX registered stocks have been rebuilt across 2026, from roughly 137,000 ounces in January to about 204,000 by April, a 48% increase, while the deliverable share climbed from 66% to the mid-80s. Metal has been moving into US exchange warehouses all year. The June reclassification was a one-day eddy in that current, not a reversal of it.

The reason metal is repositioning is not hard to find. On April 28, 2026 the US Commerce Department finalized an antidumping duty of 132.83% on unwrought palladium from Russia, and on May 20 it added a countervailing duty of 109.1%. Russia supplies roughly 40% of the world's mined palladium. Stacked together, the duties price Russian metal out of the US market almost entirely. The vault build through the spring, and the churn in June, are what a supply chain rerouting around 40% of its source looks like from the inside.

Here is the part that should give anyone pause. Despite the US wall against 40% of global supply, palladium trades near 1,250 dollars an ounce, a fraction of its 2022 peak above 3,000 and well short of the 2,000-plus dollar levels analysts expected it to hold this year. The reason sits on the demand side: roughly 80% of palladium goes into gasoline-engine catalytic converters, and that engine is being replaced by the electric motor. A metal can face a real supply shock and still go nowhere when the thing that consumes it is disappearing underneath. The COMEX vault, quietly restocking and reshuffling, is where that standoff is being kept.

So the honest read of June 11 is small in itself and large in what it frames. One day, one paperwork shuffle, fully reversed. But it sits on top of a year in which the US has walled off Russian palladium, metal has piled into COMEX vaults, and the price has refused to reward any of it. Watch the deliverable share for the drama; watch the total stock and the price together for the story.