Palladium jumps as Russia sanctions threaten supplyPalladium is one of Russias main exports and is stockpiled to control pricing. Kitco writer
Bharat Gautam reports;
Used by automakers for catalytic converters to curb emissions, palladium rose nearly 4% to $2,586.66 per ounce by 1326 GMT. It hit its highest since July 2021 at $2,711.18 last week.
"Russia is the biggest producer of palladium, with Moscow-based Nornickel (GMKN.MM) accounting for 40% of the metal's global mine production last year.
"Russian mining companies such as the world’s largest palladium producer are examining alternative transport routes. However, we believe that the sanctions and associated restrictions will make it difficult to charter planes to export materials," Commerzbank analysts said in a note.
Reference: https://www.kitco.com/news/2022-03-01/Palladium-jumps-as-Russia-sanctions-threaten-supply-gold-firms.html?sitetype=fullsite
Cheers to the patient NAM shareholders