Ultra-Rare Metal Rides AI Boom as Commodities Star Performer (1)

Thanks to the boom in artificial intelligence, an ultra-rare element you’ve probably never heard of is one of this year’s best-performing raw materials.

Ruthenium, a silvery gray mineral, has eclipsed the headline-grabbing rallies in other commodities like gold and silver by nearly doubling in price over the past year to $800 an ounce, according to metals refiner Johnson Matthey Plc. That matches its peak in 2021 and isn’t far off the all-time high of $870 hit 18 years ago.

The platinum group metal is prized for its exceptional hardness, and versatility across electronics, energy storage, and chemicals manufacturing. ...