The price of Palladium jumped by more than 9% at times yesterday, reaching its highest level since December last year at just under $1,170 an ounce, Commerzbank’s commodity analyst Barbara Lambrecht notes.
Palladium price rallies after fear sanctions kicks in
“According to informed sources, the US government is set to call on the rest of the G7 to impose sanctions on Russian Palladium (and Titanium). Russia has a dominant position in the Palladium market, with one company supplying 40% of the world’s mine supply. The EU, which imports about half of its Palladium, obtained about a third of its imports from Russia in 2021.”
“The share is likely to have declined, but is likely to remain significant. The US also continues to buy Russian Palladium. This is not the first time that fears of sanctions have driven up the price of Palladium. The most massive price increase occurred shortly after the start of the war in Ukraine.” “Last December, Palladium also jumped after the US and UK imposed new sanctions on Russian Aluminium, Copper and Nickel, fuelling fears that Palladium would be the next metal to be targeted. A month ago, Palladium also rallied significantly when Russian President Putin threatened to impose export restrictions on certain metals, without specifically mentioning Palladium.
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