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. Last Updated: 07/27/2016

Palladium Price Soars

TOKYO -- Yen-based palladium futures soared by their daily limit Tuesday on frantic buy-backs spurred by skepticism over Russian supplies, but platinum futures ended lower on profit-taking, traders said.

Spot February palladium surged 243 yen ($2.19) to 2,738 yen ($24.65), while other contracts soared by their 50-yen per gram daily limit, with benchmark December settling at 2,343 yen, a record high for a TOCOM benchmark palladium contract.

Palladium surged to an all-time high of $800 an ounce (28.35 grams) in London on Monday as traders took the view they would have to see promised Russian supply before believing it.

The metal had tumbled Friday to $670 after Finance Minister Mikhail Kasyanov said the country would sort out export problems swiftly and bring them back to normal. Russia accounts for two-thirds of the world palladium supply and one-fifth of the platinum supply.