Palladium continues jump to fresh record highs

Palladium continued to rise today, for the sixth straight day, to continue its run towards all-time high.

Palladium's gains came after mining activities have stopped in South Africa, the world's largest supplier of platinum and the second largest of palladium.

Sources in South Africa said that the authorities are still working on providing the necessary energy for factories and miners to resume working, which has negatively affected the economic situation of the country.

Analysts fear that the global palladium supply would decline due to production disruptions in South Africa as the country is facing a power outage crisis for an unknown period.

The US dollar dropped today which eased pressure on dollar-denominated commodities, as the dollar index fell against a basket of major currencies by 0.5% to 96.8 points as of 14:34 GMT, and hit an intraday high of 96.9 and a low of 96.7.

Palladium March futures surged 1.6% to $1,944.6 an ounce as of 14:35 GMT, and hit a session-high of $1,958.5 and a low of $1,915.4.