Palladium reaches 13-year high as strike continues

Published on NewsOK Modified: June 11, 2014 at 3:29 pm •  Published: June 11, 2014
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Palladium is settling at its highest price in more than a decade as a mining strike in South Africa continues to pinch production of the metal.

Palladium for September delivery rose $5.60 to settle at $860.15 on Wednesday. That's the highest settlement price since February 2001, according to data provider FactSet.

Negotiations to end the nearly five-month strike ended earlier this week without an agreement. The strike started Jan. 23 and has squeezed supplies of the industrial metal, which is used to make catalytic converters that filter car exhaust.

In other trading, prices for corn and wheat dropped after the U.S. Department of Agriculture raised its forecast for worldwide stockpiles and production of both crops.