Russian mining giant Nornickel shares hit record high on soaring palladium prices

Shares of Russian metals company Nornickel (Norilsk Nickel) surged 2.25 percent on Monday during trading on the Moscow Exchange, hitting an all-time high.

The value of the stock rose to 22,100 rubles (US$359) per share on the back of the rallying palladium prices. The metal, which was trading at about $2,500 an ounce on Monday, is now more expensive than gold. It has jumped by more than 25 percent in the last two weeks alone, and almost doubled in value over the last year.

Aluminum producer Rusal shares followed Nornickel’s lead, skyrocketing 14.2 percent on the Hong Kong Stock Exchange to 4.92 Hong Kong dollars (US$0.63). Rusal is Nornickel’s second biggest shareholder.

READ MORE: Gold losing its luster as palladium prices soar; so why is Russia smiling?

One of the world’s largest producers of nickel and palladium, Nornickel accounts for about 40 percent of global palladium production. It operates mines in Russia, Botswana, Australia, South Africa, and Finland. The company’s revenue was more than $6 billion last year.

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