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Palladium gains, highest price since 2011

KDWN

Palladium futures rose to the highest point since 2011 as traders fear that tensions with Russia might disrupt exports from the world’s top supplier of the metal.

Palladium peaked Wednesday at $844.65, the highest price for an actively traded contract since July 27, 2011. The September contract settled at $840.75 an ounce, up $9.20, or 1.1 percent.

Palladium futures have increased 16 percent this year as traders worry about supply disruptions from Russia, which makes about 60 percent of the world’ supply, according to George Gero, vice president at RBC Global Futures. They’re also worried about a mining strike in South Africa, another major producer of the metal.

Other metals prices were mixed. June gold slipped $6.20, or 0.5 percent, to $1,259.30 an ounce. July silver edged down a penny to $19.06 an ounce.

Platinum for July delivery added 40 cents to $1,462.70 an ounce. July copper fell less than a penny to $3.174 a pound.

Crop prices were mixed. In trading of July contracts, wheat fell two cents, or 0.4 percent, to $6.39 a bushel; corn rose three cents, or 0.6 percent, to $4.73 a bushel and soybeans rose nine cents, or 0.6 percent, to $14.98 a bushel.

In energy trading, U.S. crude oil for July delivery fell $1.39, or 1.3 percent, to $102.72 a barrel.

Wholesale gasoline rose a penny to $3 a gallon and heating oil slipped a penny to $2.93 a gallon. Natural gas rose 10 cents to $4.62 per 1,000 cubic feet.