Economics
Palladium Tops $2,000 in Record-Breaking Rally Before Gains Ebb
- Metal in autocatalysts in shortage as emissions rules tighten
- Rally capped after hitting resistance level on ‘profit taking’
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Palladium rose above $2,000 an ounce for the first time, extending an annual advance powered by a sustained global deficit, before slipping as profit-taking emerged.
Palladium has gained as much as 59% this year, with market watchers saying the shortfall will be hard to fill. That’s great news for producers of the metal, used mainly in autocatalysts, which have seen their shares surge.