(Bloomberg) -- Palladium rose above $3,000 an ounce for the first time since May, nearing an all-time high as traders braced for disruption to exports from top producer Russia.
Spot palladium climbed as much as 8.3% to $3,013.30 an ounce, just under its all-time high price set in May.
Russia is central to the palladium market, accounting for 40% of all mined production. The metal that's mostly used in catalytic converters is almost always transported by passenger planes. With most of Europe's airspace closed to flights from Russia, miners like MMC Norilsk Nickel PJSC are examining alternative routes to supply customers, according to a person familiar with the matter.
The metal has surged 26% this week.
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