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Bloomberg reported that palladium prices rose this week in light of protests disrupted South African supply. Community members were protesting at mines owned by Anglo American Platinum (JSE:AMS) in the country.
Bloomberg reported that palladium prices rose this week in light of protests disrupted South African supply. Community members were protesting at mines owned by Anglo American Platinum (JSE:AMS) in the country.
As quoted in the press release:
Protesting community members were intimidating motorists and blocking roads leading to the Mogalakwena site of Amplats, as the Johannesburg-based unit of Anglo American Plc is known, the company said Tuesday. About half of the revenue at the mine, the company’s largest and most profitable, comes from platinum output, and 19 percent from palladium. Attendance has dropped since last week and the mine in the northern Limpopo province is operating on “skeleton staff,” spokeswoman Mpumi Sithole said.
“Continuing protests at Amplats are helping short-term sentiment in the platinum group metals,” Tai Wong, the director of commodity products trading at BMO Capital Markets in New York, said in an e-mail.