Palladium Drops, South African Strike Could End Soon

After reaching record highs yesterday, palladium fell following news of a possible wage deal that would end an ongoing strike in South Africa, according to Bloomberg. The news outlet reported that major PGM miners Anglo American Platinum (LSE:AAL), Impala Platinum (JSE:IMP) and Lonmin (LSE:LMI) have reached an agreement ‘in principle’ with members of the Association of Mineworkers and Construction Union.

As quoted in the publication:

Palladium for September delivery dropped 4.3 percent to $823.25 an ounce by 8:15 a.m. on the New York Mercantile Exchange. It touched $864.60 yesterday, the highest since February 2001. Futures trading volume was more than triple the average for the past 100 days for this time of day, data compiled by Bloomberg showed. The metal for immediate delivery fell 4.3 percent to $824.15 in London, according to Bloomberg generic pricing.

Click here to read the full Bloomberg article.