The price of palladium continued to surge on Friday by breaking a new record, setting the price of the commodity above the $2,400 mark. The surge in the price of the metal most widely used in the auto industry comes amid growing demand in the sector as a result of tighter emissions regulations that kicked in on January 1, 2020. In December, new car registrations rose 21.7% in the EU, reaching the figure of 1.26 million. The majority of palladium supplies are used for the production of catalytic converters which regulate exhaust emissions in vehicles. Palladium surged 3.87% at 9:10 am ET, to go for $2.407,32 per ounce. Year to date, the metal has rocketed 25.94%.
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