Palladium price rises to highest since 2011
- Article by: The Associated Press
- Associated Press
- March 21, 2014 - 5:05 PM
Palladium prices rose sharply Friday as traders feared that continuing tensions with Russia could result in fewer exports of the metal.
The actively traded June contract for the metal jumped $17.65, or 2.3 percent, to settle at $789.30 an ounce. That's the highest price since September 2011.
Traders fear that Western sanctions against Russia could obstruct exports of the metal. Russia is a major producer of palladium, which is used in products including catalytic converters for automobiles.
Other metal prices were mixed.
Gold for April delivery rose $5.50 to $1,336 an ounce. May silver fell 12 cents to $20.31 an ounce, May copper rose 2 cents to $2.95 a pound and April platinum rose $1.20 to $1,436 an ounce.
Benchmark U.S. crude for May delivery rose 56 cents at settle at $99.46 a barrel.
In other energy trading, wholesale gasoline added 1.2 cents to $2.91 a gallon, heating oil edged up 0.1 cent to $2.92 a gallon and natural gas fell 5.6 cents to $4.31 per 1,000 cubic feet.
Agricultural commodities were mixed.
Wheat for May delivery fell 10 cents to $6.93 a bushel and soybeans for delivery in the same month fell 25 cents to $14.09 a bushel. May corn edged up half a cent to $4.79 a bushel.
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