Palladium Price Hits High on Short Supplies

Palladium rose to a record and topped $1,000 an ounce Monday amid a lack of supplies from Russia, the world’s top supplier, raising expectations that prices may rise further as manufacturers compete for available supplies.

Prices for the metal, used in automotive catalytic converters, have risen fivefold during the last three years because of increasing demand and inconsistent exports from Russia, which sells two of every three ounces worldwide. Prices for palladium may gain $200 if Russia doesn’t resume deliveries soon, analysts said.

Palladium for immediate delivery rose $53, or 5.4%, to $1,030 an ounce in London.