Palladium pushed toward a record high on expectations that supply shortfalls and rebounding demand from automakers will keep the market in a deep deficit.
Spot palladium rose as much as 2.6% to $2,849.33 an ounce, less than $35 below the record set in February 2020. Prices have climbed 15% in 2021, building on five straight annual gains.
Stricter environmental standards are fueling automakers demand for the commodity used in vehicle pollution-control devices. Disruptions at Russian mines run by MMC Norilsk Nickel PJSC have exacerbated supply concerns, even after the world’s largest producer has said the recovery is proceeding faster than originally planned.
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