Rhodium futures were trading around the $29,500 an ounce level...

Rhodium futures were trading around the $29,500 an ounce level in May, not far from a record peak of $29,800 an ounce touched in March on the back of growing demand from the auto industry due to increasingly stringent emissions regulations and as the market heads for the third consecutive year of a supply deficit. Car companies in Europe and China are using more rhodium to meet tougher clean-air legislation while supply from South Africa, the biggest producer, has been disrupted by the coronavirus pandemic and lack of investment in new mines over the past decades