PALLADIUM reached a record $1,600 per ounce on
Tuesday after Russia announced it was planning to ban exports of
precious metals scrap, said Reuters.
“There have been rumours that Russia would restrict exports of some
scrap metals,” Philip Newman, a director at Metals Focus told the
newswire. “When the market is as tight as palladium is, sometimes such
news can take on more significant than it should,” he added.
“It comes back to the fact that you have an underlined tight market
where demand is far outstripped global supply,” he said. Russia is a
major producer of palladium which is used in the manufacture of