Rhodium prices climbed to above $24,000 an ounce for the first time on record on the back of growing demand from the auto industry due to increasingly stringent emissions regulations globally. Car companies in Europe and China are using more rhodium to meet tougher clean-air legislation. Also, 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.
RHODIUMRhodium is a silver-white metallic element resistant to corrosion and highly reflective. It is considered the rarest and most valuable precious metal in the world. The main use for rhodium is in catalytic converters designed to clean vehicle emissions. The biggest producer of rhodium is South Africa. There is no futures market for rhodium, but there are a few exchanges which trade the element including Johnson Matthey in Hong Kong.
Rhodium
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