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Palladium hits 6-month high amid supply fears after US sanctions on Russia

Nornickel, the largest producer in Russia is also the world's largest producer of palladium and a major producer of platinum. It produced 2.6 million troy ounces of palladium last year or 40% of global mine production and 641,000 ounces of platinum or about 10% of total mine production

February 25, 2022 / 10:49 AM IST
Russia is the world's third-largest producer of gold, while the country's Nornickel is also a major producer of palladium and platinum, both of which are used in catalytic converters to clean car exhaust fumes.

Russia is the world's third-largest producer of gold, while the country's Nornickel is also a major producer of palladium and platinum, both of which are used in catalytic converters to clean car exhaust fumes.

As Russia-Ukraine war rages on, precious metals have gone on a swing. Palladium, a rare shiny metal, has hit a six-month high since August 2021.

Palladium rose 4.5 percent on February 23 on fears of a hit to supply from top producer Russia, while gold firmed up above the key $1,900 level as Ukraine declared a state of emergency.

Russia's Nornickel is a major producer of palladium and platinum, both of which are used in catalytic converters to clean car exhaust fumes. Nornickel produced 2.6 million troy ounces of palladium last year or 40 percent of the global mine production and 641,000 ounces of platinum or about 10 percent of total mine production.

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