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Peter Davis

An writer at FOMOdrive

  • Dec 16, 2023
  • 2 min read

Palladium soared by 18% amid sanctions on metals from the Russian Federation

The price of palladium increased by almost 18% over the course of two days due to the implementation of new UK sanctions.

Despite the fact that palladium was not included in the sanctions list, the price of quotes rose.

New restrictions are feared by traders for their potential consequences.

Bloomberg reported that palladium prices rose significantly in the last two days of the week following the UK's decision to impose sanctions that forbid British citizens and organizations from purchasing certain Russian metals.

Despite not being included in the sanctions list, palladium prices were still increasing due to the general worry of metal supplies from Russia being cut off.

The new sanctions have had far-reaching consequences that traders are not fully aware of. Not only has palladium seen a price increase, but aluminum and copper have also become more expensive.

On Thursday, the UK issued sanctions on metal imports from Russia, which included copper, nickel, aluminum, zinc, lead, tin, tungsten, molybdenum, tantalum, magnesium, bismuth, cobalt, zirconium, antimony, manganese, beryllium, as well as metal ceramics and products made of base metals.

The UK will be prohibiting the import of diamonds from Russia, with the majority of the restrictions taking effect on December 15th and the remainder on December 26th.

Automobile catalysts designed to purify exhaust gases utilize palladium.

Palladium has been in a downward trend since March 2022, with quotes dropping by more than 66%. This is due to a decrease in demand from automakers, who are substituting palladium with cheaper platinum. Despite the growth of the last two days, palladium has yet to emerge from this trend.

If the US Senate approves a ban on uranium imports from Russia, the Russian Federation may take preemptive action and ban uranium supplies to the US. This follows the US House of Representatives' approval of a similar ban, which has yet to be further implemented.

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