Palladium touched a one-year high as the U.S. and its allies threaten sanctions against Russia, the world’s biggest supplier of the metal used in pollution-control devices for cars. President Barack Obama authorized financial sanctions, and left the imposition of more restrictions open to protest Russia’s moves in Ukraine. The supply threat comes as miners vowed not to back down from a strike that started in January in South Africa, the second-biggest palladium producer.
On the New York Mercantile Exchange, palladium futures for June delivery climbed 1.1 percent to settle at $781.15 an ounce yesterday, after touching $785, the highest for a most-active contract since March 8, 2013.
Also on the Nymex, platinum futures for April delivery rose 0.7 percent to $1,486.80 an ounce yesterday, after touching $1,489 on March 5, the highest since September.
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