Palladium settled at its highest price in more than a decade as a mining strike in South Africa continues to pinch production of the metal.
Palladium for September delivery rose $5.60 to settle at $860.15 on Wednesday. That's the highest settlement price since February 2001, according to FactSet data.
Negotiations to end the nearly five-month strike ended earlier this week without an agreement. The strike started Jan. 23 and has squeezed supplies of the industrial metal, which is used to make catalytic converters that filter car exhaust.
South Africa is the second-largest producer of palladium behind Russia. Speculations that sanctions against Russia could disrupt exports have also pushed up prices.