[miningmx.com] – PALLADIUM futures rose to a 33 month high as South African supply worries and the fear of sanctions on Ukraine encouraged demand for exchange-traded products backed by the metal, said Bloomberg News.
“We could see prices shooting higher with the fundamentals being very strong,’ Edward Meir, an analyst at INTL FCStone in New York, told the newswire agency. “The threat of sanctions remain, so people are still worried that supplies from Russia could be interrupted,’ he said.
Platinum group metal miners in South Africa have been on a 17 week strike which has placed upwards pressure on palladium supply. Palladium-backed exchange traded products rose to a record 86 tonnes while futures are 16% higher this year, Bloomberg News said.
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