Palladium price at 13-year high amid supply fears


South African strikes push precious metal to highest price since 2001.

The price of palladium has jumped to its highest levels since 2001, with a single troy ounce costing $872.90 (£509.88) as of July 8.

Once thought of as a lower-cost alternative to platinum, palladium has risen in price for the 13th consecutive year. This is thought to be due to fears of a supply shortage in the wake of strikes by South African miners as well as increased demand from industry.

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Platinum is still significantly more expensive, however, with current trading prices around the $1,499 (£874.98 ) per troy ounce.

CPM Group director of asset management, Carlos Sanchez, told Reuters UK: “We have supply concerns in South Africa and increasing demand in China and U.S., the largest markets for platinum/palladium demand.”

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