Palladium prices have climbed to their highest levels in seven months, and record highs may not be that far behind as global sanctions on Russia threaten to...
Palladium prices are trading close to record highs as global sanctions on Russia threaten to disrupt the flow of output from one of the world’s largest producers of the metal.
Prices for the precious and industrial metal have soared since the start of Russia’s invasion of Ukraine, with a February gain of more than 6%, up for a third month in a row. “Palladium prices remain sensitive to the situation and the disruption to production and exports” in a market where supplies haven’t been able to meet demand, says Shaun Murison, senior market analyst at online trading platform IG.
About 25% of palladium can routinely be substituted for platinum in diesel catalytic converters, according to the USGS, with that proportion potentially climbing to as much as 50% in some applications. But Russia is also the world’s second largest producer of platinum. However, the West has moved to cut off major Russian bank access to the U.S. dollar and other reserve currencies and will remove some Russian banks from the SWIFT payments system. That removal and other banking sanctions can “inhibit trade, if exemptions aren’t given for these products,” says Murison.
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