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Palladium Prices Buoyed by Strikes, Easing Syria Concerns
Sep. 11, 2013 09:32AM PST
Precious Metals InvestingThe Financial Times reported that striking South African mineworkers, along with waning concern about a US attack on Syria, have helped stop “a three-week slide in palladium prices.” Strong auto sales numbers from the US may also have helped the precious metal.
The Financial Times reported that striking South African mineworkers, along with waning concern about a US attack on Syria, have helped stop “a three-week slide in palladium prices.” Strong auto sales numbers from the US may also have helped the precious metal.
As quoted in the market news:
The palladium price has hovered in the $680-$700 range this week after a sustained fall from a two-month high of $766 a troy ounce in mid-August. On Wednesday it was trading at $694 a troy ounce, up 0.4 per cent from the day before.
Palladium’s decline since mid-August unwound more than half of a rally that started at the end of June, when the price touched a six-month low of $630 a troy ounce.
According to James Steel, a commodities analyst at HSBC, ‘the bulk of the slide [was] a reflection of thin trading’, with general weakness ‘in the wider commodities sphere’ affecting palladium disproportionately.