The market has also drawn support from demand factors, such as improved prospects for auto sales and the start of buying ahead of the Chinese New Year next month, traders and analysts said.

FORBES: Palladium Hits 11-Week High On Renewed Concerns About Russian Supplies

If we start seeing a recovery in such things as auto sales, one can expect much of the new demand to be meant in efficient, largely foreign owned factories that have been gearing up across the Southeast.

FORBES: Where's Next: November May Determine Regional Winners