Rare precious metal iridium prices rise to a record high

SMM News: according to Bloomberg, iridium, one of the unknown precious metals, has risen by as much as 12 percent this year, performing well, standing out among metals from nickel to gold. It has set new records in the automotive industry and mobile phone crystals.

"Spark-ignited engines will not disappear soon," Jonathan Butler, precious metals analyst at Mitsubishi Electric, said in an email. And iridium can be used for on-board sensors, which is a very exciting application. "

Iridium, which is not traded on exchanges, mainly between suppliers and industrial users, reached $1090 an ounce on Friday, according to refiner Johnson Matthey Plc.

This is the highest price since 2001 and the rarest of the seven major precious metals, according to (London Bullion Market Association), the London Gold and Silver Market Association.

The prices of other small platinum-group metals have also soared this year, with ruthenium, commonly used to coat hard drives, rising 29 percent to its highest level in eight years, while rhodium, better known as rhodium, has risen 20 percent. Close to the highest level since 2011.