South African platinum group metals producers have a lot at stake in next week's US presidential election amid talk of sanctions and tariffs.

Listen to this article 6 min Listen to this article 6 min South African platinum group metals producers got a big lift late last week when the US asked its allies in the Group of Seven to mull imposing sanctions on Russian palladium exports.

This is a big deal. While South Africa is by far the world's biggest producer of platinum group metals as a basket, Russia is the top producer of one: palladium.

Palladium is the key autocatalyst to cap emissions in petrol engines, and supplies are tightening. Sibanye-Stillwater recently put its palladium-rich Stillwater West mine in Montana on care and maintenance, which will take about 200,000 ounces out of global production.

News of the sanctions suggestion last Wednesday by the Biden administration has sent the palladium price soaring. It has gained more than 12% since, climbing to $1,220 (about R19,850) an ounce, its highest levels in 10 months.

This in turn has lifted the share prices of South African platinum group metals producers.

As of midday Monday, Anglo American Platinum's (Amplats) share price was up more than 12% since Wednesday last week, Sibanye's had gained close to 12%, Impala Platinum's was almost 10% higher, and Northam Platinum's...