Palladium continues historic rise
- Published: Mar 20, 2019, 5 AM
The London PM spot price for palladium closed March 19 at $1,567 per troy ounce, exactly $300 an ounce higher than the closing price Jan. 2. In some markets, the metal briefly traded for more than $1,600 an ounce.
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The Financial Times reports that shortages of the metal (which is primarily used in controlling automobile emissions) have spurred a price increase of nearly 90 percent since August 2018.
Spikes in the palladium price have been affected by the announcement by Russia, the world’s larger producer of palladium, that it is planning to ban the export of scrap and tailings from May 1 through Oct. 31.
Reuters reports Russia is considering the ban in an effort to promote domestic refining of its precious metals.
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