The World Platinum Investment Council said this week that it expects higher costs of palladium, used in vehicle pollution-control devices, to spur a gradual switch by automakers to using more platinum in gasoline-powered cars and trucks.

Prentice has more than 30 years' experience in commodities trading, most recently as Managing Director at Marex.

Environment officials and campaigners have called for a global moratorium on deep-sea mining and on issuing new exploration contracts unless marine ecosystems can be effectively protected.