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Palladium highest since 2011 on supply concerns

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News,Business,Mining

The price of palladium is the highest it's been since the summer of 2011 as traders worry about supplies of the industrial metal.

The actively traded June contract for palladium rose $14.50, or 1.8 percent, to settle at $806.80 an ounce Friday, the highest price since August 2011.

Traders are worried that the tensions between the West and Russia over Ukraine will lead to disruptions in shipments of palladium from Russia, a major producer of the metal. Palladium is used in making catalytic converters for cars.

Other metals ended mixed.

Gold for June delivery fell $1.50 to $1,319 an ounce. May silver fell 15 cents to $19.95 an ounce and May copper edged down less than a penny to $3.04 a pound.

Energy prices were mixed. Crude oil edged up 34 cents to $103.74 a barrel. Wholesale gasoline edged up less than a penny to $3.01 a gallon and heating oil fell half a penny to $2.93 a gallon. Natural gas fell four cents to $4.62 per 1,000 cubic feet.

Agricultural commodities fell.

Soybeans fell 19 cents to $14.63 per bushel, corn fell three cents to $4.99 a bushel and wheat fell two cents to $6.60 a bushel.

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