Palladium prices soared after the London Platinum and Palladium market suspended government-owned Russian refiners from its good delivery list.
Palladium futures were up 7.2% to $2,383 a troy ounce, while platinum rose 3.2% to $988.20 an ounce after the Gulidov Krasnoyarsk Non-Ferrous Metals Plant Krastsvetmet and the Prioksky Plant of Non-Ferrous Metals would both "no longer be accepted for LPPM Good Delivery into the London/Zurich Bullion market until further notice."
The LPPM said that the bars the refiners produced prior to the suspension would still be considered good delivery.
"Bars and sponges produced after the 8th of April 2022 will no longer be regarded as good delivery or sponge accredited. It will be the responsibility of the receiver to prove whether these bars or sponges were manufactured before this date," the LPPM said.
