Palladium price rises to highest since 2011

AP News
Posted: Mar 21, 2014 5:59 PM

Palladium prices rose sharply Friday as traders feared that continuing tensions with Russia could result in fewer exports of the metal.

The actively traded June contract for the metal jumped $17.65, or 2.3 percent, to settle at $789.30 an ounce. That's the highest price since September 2011.

Traders fear that Western sanctions against Russia could obstruct exports of the metal. Russia is a major producer of palladium, which is used in products including catalytic converters for automobiles.

Other metal prices were mixed.

Gold for April delivery rose $5.50 to $1,336 an ounce. May silver fell 12 cents to $20.31 an ounce, May copper rose 2 cents to $2.95 a pound and April platinum rose $1.20 to $1,436 an ounce.

Benchmark U.S. crude for May delivery rose 56 cents at settle at $99.46 a barrel.

In other energy trading, wholesale gasoline added 1.2 cents to $2.91 a gallon, heating oil edged up 0.1 cent to $2.92 a gallon and natural gas fell 5.6 cents to $4.31 per 1,000 cubic feet.

Agricultural commodities were mixed.

Wheat for May delivery fell 10 cents to $6.93 a bushel and soybeans for delivery in the same month fell 25 cents to $14.09 a bushel. May corn edged up half a cent to $4.79 a bushel.