Palladium and related ETFs climbed Monday, pushing toward their record levels last seen since January as supply concerns helped prop up the white metal.

The ETFS Physical Palladium Shares (NYSEArca: PALL) rose 3.4% Monday, with the palladium spot price up 3.4% to around $1,120 per ounce.

R. Michael Jones, chief executive officer of Platinum Group Metals Ltd., argued that palladium, which is widely used in catalytic converters to reduce pollution emissions for gasoline-powered automobiles, has reached an “important glass ceiling” on the charts, MarketWatch reports.

“The factors for palladium’s rise are all still in place—growing car sales around the world, popular small gasoline engines with palladium catalysts, big American [sport-utility vehicles] on gas with palladium, and South African platinum mine closures in the works cutting palladium production despite the good price,” Jones told MarketWatch, adding that platinum is the main metal at the South African platinum mines, while palladium is a by-product.

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