PA · Metals / Cross-Asset Coherence Regime
Z3953 – PA Heraeus Russia Inverse
Norilsk Nickel is the world’s largest PA producer; Russia sanctions / supply shocks are the primary asymmetric PA catalyst.
At a glance
IN-SEASON · ACTIVE
Current reading
+0.470
PA Heraeus Russia Inverse composite, tanh-bounded
Signal state
Moderate POS
340 trading days in current state
Phase
HEALTHY
Positive equals russia pgm supply tight; negative equals russia pgm supply loose
Sample
36 years
Live since 1990-12
As of Nov 04, 2026. Updated nightly.
SIGNAL OVERVIEW
Norilsk Nickel is the world's largest PA producer; Russia sanctions / supply shocks are the primary asymmetric PA catalyst. The composite is bounded between minus one and plus one through. Across 36 years Phase +1 russia pgm supply tight state has returned on average minus 2.34 percent forward 60-day palladium return. Phase -1 russia pgm supply loose state has returned on average minus 10.32 percent. Today the composite reads , in territory.
LIVE CHART
PA Heraeus Russia Inverse: composite bounded minus one to plus one.
The dark line in the top panel is the composite bounded between minus one and plus one. The pale red band marks russia pgm supply loose regime. The pale green band marks russia pgm supply tight regime. The bronze line in the middle panel is the trailing 252-day rolling Spearman information coefficient. The lower panel is NYMEX palladium continuous back-adjusted price on the right axis in cents per ounce.
COMPOSITE
+0.470 / tanh
STATE
(nightly)
PHASE
(nightly)
FWD 60d
(nightly, baseline -2.48 percent)
SAMPLE N
9,020 days
TODAY'S PLAYBOOK READING
STATE
Moderate Pos
STATE AND HISTORY
. Sample N=9,020 days since 1990-12.
WHY THE SIGNAL IS HERE
Norilsk Nickel is the world's largest PA producer; Russia sanctions / supply shocks are the primary asymmetric PA catalyst.
POSTURE FOR THE WEEKS AHEAD
The signal is a regime detector on a 60-day forward horizon. Pair with price momentum signals for conviction.
WHAT THE CHART SHOWS
Today the composite reads +0.470 placing the dot inside the Moderate POS band.
TOP INPUTS FIRING
- Silver returns Primary silver price momentum.
- 10-year TIPS-implied inflation breakeven Market-implied inflation expectation.
- Rolling coherence trend 5-year first-difference of coherence at 170-day cycles.
THE REGIME MAP
The three regime phases, forward 60-day palladium returns and sample share
Baseline palladium forward 60 day return (unconditional): mean minus 2.48 percent, median minus 5.78 percent, across 1,031 trading days.
| State | Phase | Share | Fwd 60d | HAC t | Edge vs baseline | Last firings |
|---|---|---|---|---|---|---|
| Russia PGM supply tight TODAY | +1 | 54.1% (590 d) | -2.30% | +0.18pp | Jul 2025, Jul 2023 | |
| Normal | 0 | 23.0% (251 d) | +5.02% | +7.50pp | Jul 2024 | |
| Russia PGM supply loose | -1 | 22.9% (250 d) | -10.38% | -7.90pp | Jul 2022 |
The historical pattern
How to use the signal today
THE TRACK RECORD
State changes
| State | Start | End | Duration | Fwd 60d SPY |
|---|---|---|---|---|
| Normal | 10/28/2024 | 11/05/2024 | 7d | +3.19% |
| Extreme Pos (silver Compressed) | 11/06/2024 | 11/06/2024 | 1d | +2.23% |
| Normal | 11/07/2024 | 11/07/2024 | 1d | +1.80% |
| Extreme Pos (silver Compressed) | 11/08/2024 | 11/11/2024 | 2d | +0.43% |
| Normal | 11/12/2024 | 11/20/2024 | 7d | +1.41% |
| Extreme Pos (silver Compressed) | 11/21/2024 | 12/02/2024 | 7d | +1.06% |
| Normal | 12/03/2024 | 12/11/2024 | 7d | -4.48% |
| Extreme Pos (silver Compressed) | 12/12/2024 | 09/24/2025 | 196d | -8.76% |
| Normal | 09/25/2025 | 10/09/2025 | 11d | +3.24% |
| Extreme Pos (silver Compressed) | 10/10/2025 | 10/10/2025 | 1d | +5.60% |
| Normal | 10/13/2025 | 10/17/2025 | 5d | +3.99% |
| Extreme Pos (silver Compressed) | 10/20/2025 | 10/27/2025 | 6d | +3.12% |
| Normal | 10/28/2025 | 11/11/2025 | 11d | +0.83% |
| Extreme Neg (silver Outperforming) | 11/12/2025 | 11/13/2025 | 2d | +1.28% |
| Normal | 11/14/2025 | 11/17/2025 | 2d | +1.39% |
| Extreme Neg (silver Outperforming) | 11/18/2025 | 11/20/2025 | 3d | +3.45% |
| Normal | 11/21/2025 | 11/25/2025 | 3d | +4.61% |
| Extreme Neg (silver Outperforming) | 11/26/2025 | 10/26/2026 | 229d | +1.98% |
Scroll inside the table for the full history. Forward 60-day SPY is measured from each run’s start date; a reader cannot trade off a start-date they only identify in hindsight, so this is a transparency log, not an alpha claim. Asterisked (*) returns are partial. The run is less than 60 trading days old. The full 60-day comparable fills in as more data arrives.
What this measures
Norilsk Nickel is the world’s largest PA producer; Russia sanctions / supply shocks are the primary asymmetric PA catalyst. The composite is z-scored against a and bounded through.
Why it matters
Norilsk Nickel is the world’s largest PA producer; Russia sanctions / supply shocks are the primary asymmetric PA catalyst.
The signal flags the current palladium regime for the next 60 trading days on average. Pair with price-based signals for precise entry.
State-conditional spreads are empirical averages across 36 years. Individual regime windows can run longer or shorter than mean sample.
Signal consumers and siblings
Not investment advice · The analysis on this page is informational and educational. Signal readings, historical case figures, and empirical statistics are derived from publicly available data and are provided without warranty. Hypothetical performance results have inherent limitations, including the benefit of hindsight. Readers who intend to trade should consult a licensed investment professional and see the research brief for the full disclaimer.
Last refreshed Nov 06, 2026 08:38 PM ET