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A long-term supply deficit has led prices of the metal, used mainly in catalytic converters to curb harmful emissions, to double over the last year. In the futures market, prices indicate buyers fear a lack of ready supply. Before this rally began, palladium prices had never exceeded $1,100. Already record-high prices have been driven up by 25% in just two weeks, accelerating a four-year rally and stoking expectations for further gains, analysts said.