Bloomberg reported yesterday that palladium prices dropped the most in nine months following news of talks moving forward in an ongoing labor dispute between workers and South African miners. NYMEX palladium futures for June delivery fell 3.6 percent, to $777.80 an ounce, early in the afternoon.
Palladium Market News Directory
Bloomberg reported today that palladium prices rose to their highest level since 2011 in New York.
Although platinum and palladium saw price drops on Monday, CNBC has pointed to a broader 5-percent jump in year-to-date platinum futures prices as well as a 7-percent price jump for its sister metal.
Frik Els of Mining.com reported that palladium prices lost close to 3 percent on Monday while platinum prices decreased by more than $20 per ounce. According to Mining.com, prices for the metals are not reacting as expected to supply squeezes from Russia and South Africa, especially in light of revived demand from the European automobile industry.
Kitco News reported that according to a report from Innovative Research and Products, the market for recycled platinum-group metals (PGMs) is expected to expand 8.2 percent by 2018, reaching a value of $9 billion.
Reuters reported that Absa Capital, which plans to launch a palladium-backed exchange-traded fund (ETF) on Thursday, has already gathered 8,600 ounces of the metal to back its shares.
Reuters reported that on Friday, palladium rose to its highest price since August 2011 on the back of continued strikes in South Africa and concern that tension between Russia and the western world will escalate.
Mining Weekly reported yesterday that Standard Bank plans to launch three new exchange-traded funds (ETFs) — the AfricaGold ETF, AfricaPlatinum ETF and AfricaPalladium ETF — on the JSE.
Reuters reported that Absa Capital plans to launch a palladium-backed exchange-traded fund (ETF) next week, on March 27. ETFs backed by precious metals have grown increasingly popular over the last few years.
Forbes reported that palladium rose to its highest price in 11 months on the back of concerns that sanctions on Russia could disrupt the country's exports of the precious metal.