Palladium, a platinum by-product has jumped 10percent since the beginning of this year. Spot palladium rose as much as 0.4 percent to $2206 an ounce yesterday, after rising for the tenth consecutive day. Palladium is more expensive than gold, with the bullion price at $1551.89 an ounce and platinum at $977.86 an ounce.
Palladium has continued its growth momentum, having rallied 60percent in 2019 in dollar terms on the introduction of legislation to curb pollution in China and Europe.
Rhodium, which is also a platinum by-product, was 31percent higher this year. Rhodium is in a thin market, with most of the world’s rhodium produced in South Africa.
Seleho Tsatsi, an investment analyst at Anchor Capital, said yesterday that there was no stopping for palladium, and South Africa’s PGM producers would likely benefit from the price boost.