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Palladium futures hit a two-year high, partially driven by demand for a new ETF according to the Wall Street Journal.

In the article Platinum Group Climbs Higher, the WSJ reports that the growing popularity of the ETFS Physical Palladium Shares (PALL) has pulled metal volumes out of actively traded markets.  As a result, industrial buyers are bidding prices higher to meet increasing demand from the automotive sector.

PALL’s palladium holdings has grown by 30,000 ounces just since Friday according to the report.

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Platinum and palladium prices are climbing higher thanks to the recent introduction of two new ETFs according to a WSJ article by Matt Whittaker and Carolyn Cui.

The ETFS Physical Platinum Shares (PPLT) and ETFS Physical Palladium Shares (PALL) began trading on January 8.  Since that time, both funds have each accumulated 100,000 ounces of the metals commonly used by the automotive industry for catlytic converters.

Thanks in part to the demand created by the new funds, prices for both metals have risen steadily since the beginning of the year.

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