Palladium Extends Gains After Suspension of Two Russian Refiners
- LPPM removes Krastsvetmet, Prioksky from good delivery lists
- Supply already under significant pressure: MineLife’s Wendt
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Palladium extended gains after the suspension of two state-owned Russian refiners by bourses in London and Chicago added to concerns about supply disruptions from a key producing country.
The precious metal’s latest rise, following an 8.7% surge on Friday, comes after the invasion of Ukraine and the sanctions that followed saw prices soar to a record last month. Russia produces about 40% of the world’s freshly mined palladium, which is mostly used in automobile catalytic converters.