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A long-term supply deficit has led prices of the metal, used mainly in engine exhausts to curb harmful emissions, to double over the last year. In the futures market, prices of metal for near-term delivery have also moved sharply above those for later-dated contracts - a situation known as backwardation, which also indicates buyers fear a lack of ready supply. Before this rally began, palladium prices had never exceeded $1,100.
Democratic presidential candidate Michael Bloomberg would push for all new cars to be electric by 2035 and new buildings to produce zero carbon emissions by 2025 as part of clean energy plans he released this week. Bloomberg's latest climate plans build off his December plan to cut the United States' carbon emissions by 50% by 2030. Bloomberg's plans do not include total costs or specifics on how they would be paid for, details his campaign advisers say they will share later.