Palladium prices jump as automakers’ improvement bolsters hope for global economic recovery

Palladium prices jump on strong auto sales news

Palladium prices are marching higher after a parade of automakers reported stronger sales in the second quarter.

Palladium settled up $22.50, or 4.8 percent, at $491.20 an ounce Thursday.

Palladium and platinum, which also is higher, are used in making catalytic converters for cars.

Mitsubishi and Volkswagen are among the auto manufacturers that are reporting improved sales in part because of demand in China. Nissan, too, says its quarterly sales jumped.

A weaker dollar also is helping most commodity prices. Since commodities are priced in dollars, a weaker dollar makes them more attractive to overseas buyers.