Palladium edges to new record as Russia adds to supply squeeze
Precious metal nears $1,600 an ounce after Moscow curbs exports
Palladium prices touched a record high in Asia trading on Tuesday as the precious metal glowed after Russia placed new pressure on supplies.
The spot price of palladium rose as much as 0.5 per cent to an intraday high of $1,592 an ounce, according to Refinitiv data, marking a 26.2 per cent increase so far this year. That followed a gain of 1.5 per cent on Monday.
A broad supply shortage for the metal, which is used to reduce harmful emissions in cars with petrol engines, has seen the price rise almost 90 per cent since the bull run took off in August last year.
ANZ analysts said that the latest move in palladium’s “relentless drive higher”, came as investors reacted to a decision from Russia, the world’s largest producer, to ban the export scrap and tailings of precious metals from May until November.
The rally has raised some concerns of a potential bubble.