The price of platinum could force some industrial users to switch to palladium, according to the chief executive of precious metals producer, Umicore.

Speaking to the Financial Times this morning, Thomas Leysen said recent price increases were unsustainable.

The recent fall in the price of palladium has coincided with a continued surge in the price of platinum.

Mr Leysen said this trend and the fact that the two metals share a number of industrial uses could see a number of manufacturing sectors turning to palladium.

"I don't think today's prices are sustainable," he said. "The relationship of platinum to palladium has become out of whack."

Recent movements in the price of platinum and palladium make palladium "more attractive to automotive manufacturers", he added.

Umicore is the third largest catalyst exhaust supplier in the world. Mr Leysen said his company had seen an increase in the number of inquiries from customers about switching from platinum to palladium.