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The big rally in palladium prices still has room to run.

Double-digit returns are likely in store over the next few months. 

Increased interest in the metal from investors, as well as a relatively tight supply-demand balance, should propel prices even higher over the next half-year. Like gold, palladium is considered a precious metal, but it is overwhelmingly used for industrial purposes. Two-thirds of the production gets used in catalytic converters for automobiles, and another 13% is consumed by the electronics industry.

“We expect palladium prices to rise further over the next quarter or two, possibly reaching $1,800 or so before plateauing,” says Jeff Christian, managing director of New York-based commodities consulting firm CPM Group.

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