Sunday, August 31, 2014 8:13:58 PM
September 01, 2014 7:50AM
PALLADIUM closed above $US900 a troy ounce for the first time in more than a decade, extending its recent rally as rising tensions between Russia and Ukraine stoke fears about supply.
PALLADIUM for December delivery, the most actively traded contract, rose $US11.45, or 1.3 per cent, to settle at $US909.55 a troy ounce on the New York Mercantile Exchange. This was the highest settlement price since February 21, 2001.
Russian President Vladimir Putin on Friday accused Ukraine and its Western allies of backing peace talks as a cover to continue military operations against pro-Russia militants in Ukraine's east.
Mr Putin shrugged off allegations that Russia is funnelling troops into eastern Ukraine to support the rebels.
Leaders in the US and Europe said they would consider new sanctions against Russia, with the European Union slated to discuss the situation in Ukraine at a summit in Brussels on Saturday.
Palladium prices have rallied 27 per cent since the start of the year, with the escalating conflict prompting worries that supply will be caught in the crossfire of economic sanctions between Russia and the West, with either side holding up access to the metal.
Russia is the world's top palladium producer, contributing roughly 40 per cent of the world's supply.
"If Russia stops shipping, you're talking about a supply-side disaster," said Philip Gotthelf, president of Equidex Inc, a commodities investment management firm
In other markets, gold prices eased from a one-week high as pressure from a stronger dollar prompted some investors to lock in gains on the recent rally.
Gold for December delivery, the most active contract, settled $US3, or 0.2 per cent, lower at $US1,287.40 a troy ounce on the Comex division of the Nymex.
http://www.heraldsun.com.au/business/breaking-news/palladium-prices-climb-to-13-year-high/story-fni0xqe4-1227043333991?from=herald+sun_rss&nk=ac9ba97a44652916e8809fce7ccb4589
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