Palladium reaches 2
Palladium for adidas outlet June delivery, the most active contract, on Friday rose $US14.50, or 1.8 per cent, to settle at $US806.80 a troy ounce on the New York Mercantile Exchange. This was the highest close since August 2, 2011, when palladium settled at $US826.90 an ounce.
Nymex platinum for July delivery rose $US2.50, or 0.2 per cent, to settle at $US1,462.60 an ounce, its highest level since M adidas outlet arch 17.
Platinum and palladium are often found together, and both metals have been marching higher in recent weeks amid worries that top palladium producer, Russia, would face a new set of trade sanctions from Europe and the US. The West’s diplomatic relations with Russia have frayed after it annexed Ukraine’s Crimea region in mid March.
On Friday, the North Atlantic Treaty Organization (NATO) released additional surveillance images of Ukraine’s borders in an effort to show a build up in Russian troop concentrations near Ukraine.
Meanwhile, the European Union planned to discu adidas outlet ss new targeted sanctions against Russia on adidas outlet Monday in response to Moscow’s pressure on Ukraine.
“There’s concern that (sanctions) might disrupt supply,” said Howard Wen, a precious metals analyst with HSBC.
Russia supplies about 40 per cent of the world’s palladium, while South Africa supplies about 37 per cent, Wen said.
Metals traders also kept a close eye on South Africa, the world’s top platinum producer and second largest palladium producer, where mine worker strikes entered their 11th week.
“People are nervous about Russia and South Africa, and that is feeding a bit of interest to the palladium and platinum markets,” said Bill O’Neill, a principal with commodities investment firm Logic Advisors LLC.