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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