Palladium Market Update (September 6, 2012)

Palladium prices spent the first half of August sliding around the same $570 to $590 range seen in July. In the middle of the month, however, the metal found support, which unfortunately was connected with tragedy.

A labor dispute at the Marikana mine in South Africa resulted in the loss of 44 lives. As that also meant a halt in operations, supply concerns reemerged and palladium prices began rising.

Prices shot up from $588 on August 17 to $607 the following Monday, August 20. By the 27, palladium spot prices had risen to $657. But as the situation at Marikana calmed and efforts were made to normalize the labor situation, palladium prices began to soften.

Palladium has continued to hold its head well above the $600 level. New York spot prices on September 5 were last at $642.