A palladium-related ETF plunged Monday, testing its long-term trend lines, on hints that the U.S. might pullback sanctions on Russian companies.

The ETFS Physical Palladium Shares (NYSEArca: PALL) declined 4.2% and was testing its long-term support at the 200-day simple moving average. Meanwhile, palladium spot prices were 3.9% lower to $989.7 per ounce.

The U.S. said it would provide sanctions relief to Russian aluminum giant Rusal if Russian oligarch and aluminum magnate Oleg Deripaska cedes control of the company, easing fears Washington might extend sanctions to major palladium producer Nornickel, reports Maytaal Angel for Reuters.

Nornickel, the world’s largest palladium producer, is linked with both Rusal and Deripaska – Rusal owns more than 25% of Norilsk Nickel Mining & Metallurgical Co. Concerns that the palladium producer might be targeted by U.S. sanctions had previously sent prices soaring when sanctions were first imposed.

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