Palladium prices rose on Tuesday even as the dollar rallied against most major rivals, with the industrial metal boosted by supply disruption concerns as the Russia-Ukraine war deteriorated.
China asserted its commitment to take all measures to defend its interests, while condemning US President Trump’s claim that China violated the Geneva trade agreement.
Otherwise, US-EU tensions deteriorated even further as Trump vowed to increase steel tariffs to 50%, with Brussels warning that such a step would hurt trade talks.
Following the peace talks, both Ukraine and Russia escalated the war heavily with one of the biggest drone battles so far, with a Russian high-speed bridge blown up above a passenger train, while Ukraine targeted nuclear-capable bombers in Siberia.
Ukrainian President Zelensky said his defense minister will meet Russian officials for the second round of direct peace talks in Istanbul on Monday.
The first round led to a prisoner exchange but with no agreement on a ceasefire.
Even as the talks are ongoing, nearly 7 people were killed and 69 injured after a Russian bridge was blown away, while Ukraine targeted nuclear-capable bombers over 4300 kilometers away from the frontline.
The attack was planned for over a year and a half now, and managed to hit 41 Russian fighter planes, with the losses estimated at $7 billion.
Zelensky praised the results, and pointed to the use of 117 drones in the attack independently.
The Russian forces acknowledged the attack, which led to fires in multiple airports before being doused, with Russia sending 472 drones against Ukraine during the night.
Otherwise, the dollar index rose 0.4% as of 15:36 GMT to 99.1, with a session-high at 99.3, and a low at 98.5.
On trading, palladium September futures rose 2.5% as of 15:36 GMT to $1018 an ounce.
