Palladium Above $820 on South Africa Strike

Palladium futures jumped to the highest since August 2011 on concern that supplies will be disrupted in South Africa, the world’s second-largest producer. Platinum also gained.

Members of the Association of Mineworkers and Construction Union, the biggest labor organization at Anglo American Platinum Ltd., Impala Platinum Holdings Ltd. and Lonmin Plc, have been on strike in South Africa since Jan. 23. Workers were prevented from reporting for duty at Lonmin as the producer reopened mines, a union not participating in the strike said.

Palladium advanced 15 percent this year on concern that the strike in South Africa may add to a supply shortage. Prices have also gained as the U.S. and Europe threatened economic sanctions against Russia, the top producer, spurring speculation that exports will be disrupted.

Bloomberg

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