Palladium scales new record highs on supply shortages

Palladium rose today on market supply shortage concerns and as demand increases from carmakers. 

Palladium is widely used in cars to cut emissions, with global regulation increasing demand on it further. 

Analysts expect a supply shortage this year as minerals don't focus their efforts on its mining, but rather it's extracted as a secondary product. 

The dollar index steadied at 96.8, with an intraday high at 97.09, and a low at 96.7. 

Palladium rallied 3.3% to $1,454.2 an ounce, with a session-high at $1,465.8, and a low at $1,406.2, with a record high at $1,471.8.