The Wall Street Journal, New York—Palladium pulled back from a three-year high and platinum fell from an eight-month peak Friday as investors locked in gains ahead of a long weekend.
Palladium for June delivery, the most actively traded contract, was recently down $6.90, or 0.8%, at $829.55 a troy ounce on the New York Mercantile Exchange. Platinum for July delivery was down $7.10, or 0.5%, at $1,486.00 an ounce.
Prices of both metals rallied in recent days, as a mine-worker strike in South Africa entered its 18th week and violence broke out at some mines. South Africa supplies about 80% of the world’s platinum and roughly a third of its palladium. The metals are often found together and investors have worried that the production disruption would limit supplies.
Palladium, Platinum Retreat From Recent Highs
May 23, 2014 by