Palladium hit a record high on Tuesday, surging above $1,550 as a threatened strike by South African mineworkers added to supply risk concerns in an already tight market, while gold prices edged up on a subdued dollar.
Spot palladium traded as high as $1,554.50 per ounce and was up 0.8 percent at $1,554 as of 0548 GMT.
The metal has risen 23 percent so far this year on a sustained supply deficit.
At least 15 mining firms in South Africa, a major producer of the autocatalyst metal, have received notices of strikes to be held later this week.
"Support comes from supply side issues, mainly from South Africa where a strike by the union has a potential to disrupt output further," ANZ analyst Daniel Hynes said, adding that positive news on Sino-U.S. trade is also providing support.
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