New York • Palladium futures jumped to the highest since 2001 as supply concerns mounted amid prospects for further sanctions against Russia, the world's biggest producer.
The U.S. and Europe accuse Russia of escalating the five-month conflict in Ukraine by sending troops over the border to support rebels. An ounce of palladium, which is used mainly in pollution-control devices in cars, bought as much as 0.6383 ounce of platinum in London, the most since August 2002, data compiled by Bloomberg show.
Palladium demand this year will exceed mine output by the most ever, according to London-based Johnson Matthey Plc, which makes a third of the world's catalytic converters. A five-month labor strike crimped output in South Africa, the second-biggest source of the metal, helping boost prices 27 percent this year.