Singapore/London — Palladium climbed above $1,000 an ounce for the first time since 2001 on hopes for rising demand from the car industry amid a shortage of supply. Prices for the metal used in catalytic converters to curb pollution from mainly gasoline-powered vehicles jumped as much as 1.8% to $1,009.50/oz on Monday, before trading at $1,004.81 by 11.18am in London. Gold held near a three-week high. Palladium is one of this year’s best-performing commodities, advancing 48% — more than three times the increase in gold and about 10 times the gain in its sister metal platinum. "Palladium continues to be driven by the positive momentum created by expectations of a supply deficit amid rising demand," said Ole Hansen, head of commodity strategy at Saxo Bank. Industrial metals have risen this year as the world economy recovers, and copper burst through $7,000 a tonne on Monday for the first time since 2014. In September, palladium became more expensive than platinum for the first time in...
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