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.