Palladium hits record $1,600/oz on threat by Russia
Russia said last week that a proposed ban on exports of precious metals scrap and tailings would last from May 1 to October 31
Bengaluru — Palladium hit its highest level in history on Tuesday, crossing the $1,600 an ounce mark as news that Russia was planning to ban exports of precious metals scrap fuelled concerns over an already supply-constrained market. Spot palladium was up 0.7% at $1,594.08 an ounce at 12.31pm, having hit a record high of $1,606 earlier in the session. "There have been rumours that Russia would restrict exports of some scrap materials. When the market is as tight as palladium is, sometimes such news can take on more significance than it should," said Philip Newman, a director at Metals Focus. "It comes back to the fact that you have an underlined tight market, where demand is far outstripping global supply." Russia's trade and industry ministry last week said the proposed ban on exports of precious metals scrap and tailings would last from May 1 to October 31. Russia is a major producer of palladium, which is used mainly in catalytic converters. News that China, the world's biggest v...
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