Rhodium has breached the $20 000 (R304 400) an ounce mark for the first time on record.
Rhodium exchanged hands at $21 200 an ounce on Friday, higher than the $20 190 an ounce on Wednesday.
Impala Platinum spokesperson Johan Theron said rhodium supply and demand fundamentals had been strong for some time as a result of the increased use of petrol cars globally and stricter emission standars.
“This is obviously good news for South Africa, which remains the largest producer of the metal,” said Theron.
However, Sibanye Still Water spokesperson, James Wellsted said the rhodium market was very tight and well supported fundamentally.
“This is unlikely to change although the price may moderate in coming months as metal from Anglo American Platinum (Amplats) is released following the recommissioning of its Anglo Converter Plant (ACP),” Wellsted added.