Palladium Still Rising on Supply Worries

Bloomberg reported today that palladium has continued to rise on concerns over supplies from major producers in South Africa and Russia. According to the publication, palladium futures have climbed 16 percent so far this year.

As quoted in the market news:

Palladium futures for June delivery rose 1 percent to $833.75 an ounce at 11:16 a.m. on the New York Mercantile Exchange. Earlier, the price reached $834.50, the highest for a most-active contract since Aug. 2, 2011. Trading was 77 percent higher than the 100-day average for this time, data compiled by Bloomberg showed.

London VTB Capital analyst, Andrey Kryuchenkov, said:

The potentially devastating long-term damage to the industry amid ongoing strikes in South Africa is to in any case keep a floor under platinum-group metals prices. Palladium is far better positioned to benefit from rising U.S. and China car sales.

Click here to read the full Bloomberg article.