New York (Platts)--22May2008

Rhodium, long regarded the most expensive precious metal, became even more costly this week as the price soared to $9,800/oz. One dealer even quoted $9,875/oz. The Metals Week New York Dealer price soared to the range of $9,450-$9,800 from $9,325-9,455/oz at the previous assessment on May 15.       "It started going up late last week and it has not stopped," said one merchant. "People are saying that the target is $10,000/oz."       Rhodium, the world's rarest precious metal, is found in relatively small quantities, mostly in South Africa and Russia. The noble metal's indispensable place in industrial application is the not-so-regal place at the exhaust pipe of an automobile to reduce pollution. Auto catalyst-use alone exceeded mine production in 2007 and the industry can expect more of this same this year, according to Johnson Matthey's Platinum 2008.       "It seems as though people want to buy it but nobody is selling," said another trader. "We have not sold much this week. We have been buying here and there from some scrap people, but that's all the business we've done, so far."  		--Ovid Abrams; ovid_abrams@platts.com       For more news, request a free trial to Platts Metals Week at http://www.platts.com/Request%20More%20Information/index.xml?src=story or subscribe now at http://www.platts.com/infostore/product_info.php?cPath=28_37&products_id=68