Palladium Above $870 on Concerns over Supply Constraints

Palladium climbed for a 13th straight session on Wednesday to trade near its highest since 2001 on concerns over supply constraints in major producer South Africa, amid strong demand for the metal from the auto industry.

Palladium rose 0.4 percent to $871.05 an ounce by 0039 GMT. It hit a 13-year high of $873.75 on Tuesday.  A five-month long strike in the South Africa, the second biggest producer of palladium, ended last month but markets continue to believe supply will be affected.

The metal is mainly used in autocatalysts in automobile manufacturing.  The metal also got a boost from data last week that showed that U.S. auto sales hit an eight-year high in June.

CNBC

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