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Palladium Just Hit A 13-Year High

Rob WileAug 19, 2014, 00:30 IST

FinVizPrices went as high as $900 Monday.

Palladium briefly hit $900 a troy ounce on Monday for the first time since 2001, according to Mining.com, as investors took positions on sanctions against Russia limiting global supplies. The "white" metal has climbed 7% since hitting monthly lows August 5.

"Palladium investors [moved] convincingly net long amid expectations long term supply may be suppressed
due to recent sanctions imposed against Russia and a firming demand environment," TD Securities said in a recent note.

Morgan Stanley's Adam Longson said prices are likely to be supported for some time for those same reasons.

It's now now up 24% this year, the third-greatest gains among all commodities, according to FinViz. Prices saw momentum earlier this year on South African mining strikes. Russia and South Africa combine for 80% of the world's global palladium output, according to Mining.com.

Palladium use is concentrated in the auto industry. It's also used to make certain computer chips.