prices for the precious metal palladium have hit a 16-year high at just under $ 100 per troy ounce , up 90 % from January 2016 . If palladium prices exceed an August 2014 mark of just over $900, they will reach the highest since 2001. Low oil prices have seen a surge in demand for fossil - fuel vehicles in US and China . While the UK and Switzerland had large reserves of oil , output from Russia , which has almost half the world 's supply , is expected to drop by 3 % . International demand for palladium , a component of catalytic converters in Russia , is predicted to exceed it by 24.4 tons this year .
prices for the precious metal palladium have hit a 16-year high at just under $ 100 per troy ounce , up 90 % from January 2016 . Low oil prices have seen a surge in demand for fossil - fuel vehicles in US and China . While the UK and Switzerland had large reserves of oil , output from Russia , which has almost half the world 's supply , is expected to drop by 3 % . International demand for palladium , a component of catalytic converters in Russia , is predicted to exceed it by 24.4 tons this year .