The Suspension of Two Russian Smelters Let Palladium Prices Climb

Palladium prices continued to rise after the London Metal Market and CME Group suspended two Russian government palladium smelters, leading to fears of supply disruptions from Russia, the world’s largest palladium producer.

Spot palladium prices rose 2% to $2,480.10 per ounce. Since the beginning of this year, palladium prices have risen by around 30% and reached an all-time high of $3,442.47.

Palladium futures rose $197, or 8.9 percent, to $2,420.10 an ounce in trading on the New York Precious Metals Exchange on Friday (April 8).

Palladium prices have jumped since Russia’s military invasion of Ukraine, as many countries have announced sanctions against Russia. Prices of other precious metals, including gold, also rose as investors buy precious metals amid concerns about the economic impact of the Russian-Ukrainian war.

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