Rally takes spot palladium to $900

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THE PRICE of palladium climbed to a 13-year high of $900 an ounce yesterday on concern that global supplies will trail demand, exacerbating a deficit. In the year to Friday the price was up 25 percent. Yesterday spot palladium hit $900 but later eased to a London afternoon fix of $898, still $20 up on Friday’s second fix. Futures for September delivery reached $902.75, the highest for a most-active contract since February 22, 2001 on the New York Mercantile Exchange. “Palladium has very good fundamentals,” Robin Bhar, an analyst at Société Générale, said. There were “potential threats on Russian exports. The after-effects of the South African strike mean output will suffer. There’s a sense that China and US car sales remain buoyant.” – Bloomberg

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