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Palladium breaks above $3,000 as market braces for Russian supply hit

Palladium rose above $3,000 an ounce for the first time since May, nearing an all-time high as traders braced for disruption to exports from top producer Russia. Spot palladium climbed as much as 8.3% to $3,013.30 an ounce, just under its all-time high price set in May. Russia is central to the palladium market, accounting for 40% of all mined production. The metal that’s mostly used in catalytic converters is almost always transported by passenger planes.

The metal has surged 26% this week.

With most of Europe’s airspace closed to flights from Russia, miners like MMC Norilsk Nickel PJSC are examining alternative routes to supply customers, according to a person familiar with the matter.

News Summary:

  • Palladium breaks above $3,000 as market braces for Russian supply hit
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Patrick Huston
Patrick Huston
As a senior editor, Patrick is a professional who is in charge of putting out business news. As a senior editor, Patrick is likely to be in charge of the duties of junior editors and writers, make sure the content is correct and high-quality, and work with other departments to make sure the business news is published on time. Patrick knows a lot about business and the latest market trends. He uses this knowledge to choose and edit stories that are both interesting and useful to readers. He also works with reporters and analysts to come up with insightful pieces that help readers keep up with the latest business news. Patrick is a very important part of keeping the public informed and interested in important business issues. He is passionate about journalism and strives for excellence.

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