(Bloomberg) -- Rhodium and ruthenium are having a banner week.
Rhodium, mainly used in autocatalysts to curb harmful emissions, is benefiting as more European consumers choose gasoline-powered cars and trucks over diesel, said Jonathan Butler, a precious metals strategist at Mitsubishi Corp. in London. Drivers for ruthenium include demand for applications such as organic light-emitting diodes and water purification purposes, he said.
Because they're small and illiquid markets, even small changes in supply and demand can cause big price moves.
Rhodium was at $1,550 an ounce on Friday and reached the highest since early 2012, according to data from Johnson Matthey Plc. Ruthenium climbed to $85 an ounce, touching the highest since 2013.
Read more: Best-performing metals as hard to trade as they are to find
Both metals have now doubled in price this year, far exceeding gains in all major commodities tracked by Bloomberg. The closest performance has been a 43 percent advance by palladium, also used in autocatalysts.
To contact the reporter on this story: Nicholas Larkin in London at nlarkin1@bloomberg.net.
To contact the editors responsible for this story: Lynn Thomasson at lthomasson@bloomberg.net, Liezel Hill
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