Palladium burst above $1,500 to hit a record, extending a powerful rally driven by an acute shortage of supply as car manufacturers scramble to get hold of the material to meet stringent emissions controls. Spot palladium climbed as much as 1.3 percent to an all-time high of $1,500.36 an ounce, and traded at $1,499.46 at 10:01 a.m. in Singapore. Prices are set for a seventh monthly gain, and have advanced 45 percent in the past year. The global deficit looks set to “widen dramatically” this year, according to Johnson Matthey Plc, a maker of autocatalysts. Tighter supplies of the metal, used mainly to curb emissions ... (full story)