Eskom helps push palladium to a 15th day of gains

London — Palladium has risen for a 15th day, heading for its longest run of gains on record and exceeding the highest price of gold ever reached.

Spot palladium touched a record of $1,940.34 an ounce on Thursday, extending its year-to-date gains to 54%. Prices have been driven by supply concerns as mines in SA, the world’s number two palladium producer, were shut down for 24 hours this week because of electricity outages. State power utility Eskom is still implementing rolling blackouts, although at a lower level.

“It seems that nothing can slow palladium,” said Daniel Briesemann, a Commerzbank analyst. “Even though we regard the steep price rise as exaggerated, there is no end in sight to the rally.”