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Palladium, copper and nickel hit historic highs on Russia sanctions

Manufacturers scramble for supplies of crucial metals in cars, batteries

Palladium and copper prices both hit all-time highs on Monday. (Source photos by Reuters)

TOKYO -- Prices for key industrial metals including palladium, copper and nickel are soaring to record levels as economic sanctions against Russia, a major supplier, threaten to squeeze supply and push manufacturers to seek other options.

Nickel surged over 70% on Monday on the London Metal Exchange, while palladium, used in catalytic converters to scrub auto engine exhaust, hit an all-time high for the first time in 10 months.

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