Palladium has doubled since September, reaching $1596.84 an ounce yesterday amid high demand by the automotive industry and as reports emerged that Russia also planned to ban the export of precious metals scrap and tailings to promote domestic refining of the materials.
Anglo American Platinum, the world’s biggest platinum producer, rose by 1.69percent to trade at R814.69 a share, Impala Platinum, the second biggest platinum miner, was up 2.53 percent to R67.20 a share, while Lonmin, the world’s third biggest platinum producer, was R2.27 percent higher at R13.50 a share. Royal Bafokeng Platinum was 1.54 percent higher at R33 a share.
Palladium, a lustrous white metal resistant to corrosion, reached record highs in 2018, driven by vehicle producers to meet stringent gas emission standards.
Stringent emission standards adopted in China and Europe are likely to promote the use of palladium and rhodium petrol autocatalysts, according to analysts.