Strike notice pushes Palladium to record highs
At least 15 mining firms in South Africa have received industrial action notices to be held later this week
Palladium hit a record high on Tuesday, surging above $1,550 as a threatened strike by South African mineworkers added to supply risk concerns in an already tight market, while gold prices edged up on a subdued dollar. Spot palladium traded as high as $1,553/oz as of 4.00am GMT. The metal has risen 23% this year on a sustained supply deficit and has gained for seven straight months. At least 15 mining firms in South Africa, a major producer of the autocatalyst metal, have received notices of strikes to be held later this week. “Support comes from supply side issues, mainly from South Africa where a strike by the union has a potential to disrupt output further,” ANZ analyst Daniel Hynes said, adding that positive news on Sino-US trade is also providing support. “There’s been a feeling that demand overall would be impacted by tariffs on the either side and this potential deal will minimize the risk of that occurring, so the market is viewing this as a positive move.” US President Dona...
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