Price of palladium increases amid concern about reduction of its supply from Russia

Palladium futures closed with an increase, but below the 13-year maximum. Investors are waiting for the EU's decision on new economic sanctions against Russia. Gold prices haven’t changed, as traders watched the development of the situation in Eastern Europe and the Middle East.

By results of trading at the New York Mercantile Exchange (NYMEX), September palladium futures, which were listed the most actively, grew by 95 cents or by 0.1%, to $880.75 per ounce. The palladium prices reached an intraday maximum of $899.90 per ounce. This is the highest level since February 2001.

Investors began to buy palladium this year amid concerns about the supplies from the two largest producers of the world. The strike of workers of the mining industry in South Africa, which lasted from January to June, resulted in a reduction of palladium supply in the world by about 30% during the first five months.