The extremely rare, silvery-colored metal rhodium has extended its multi year growth, surging 32 percent so far this month and touching the highest mark since 2008.

The metal which is mainly used in autocatalysts for cars has risen 225 percent year on year. It has rallied 12-fold in the past four years, far outperforming all major commodities, on rising demand from the car sector.

“Rhodium is subject to crazy volatility,” Anton Berlin, head of analysis and market development at Russia’s Norilsk Nickel, told Bloomberg. The Russian company mines about 10 percent of all rhodium.

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