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Markets News / Commodities
PALLADIUM: Prices up on supply fears
By Paul Solman and Robert Corzine
Palladium fixed at a record $580 an ounce in London, as fears about Russian supplies again fuelled buying. The metal's rise has been remarkable. It has jumped $100 in the past two weeks, and was only just above $300 at the start of the year.
Platinum resumed its climb after Tuesday's breather, scaling a new 11-year high of $548 an ounce at the afternoon fix.
Gold also strengthened, fixing at $308.60 an ounce, up $12.35 on Tuesday afternoon.
AngloGold, the largest gold producer, announces quarterly results today, and the bullion market will be watching to see if the company makes any commitment to wind down its hedging position in the wake of Placer Dome's move at the end of last week.
Meanwhile, French nickel producer Eramet declared force majeure on deliveries from its smelters in New Caledonia because of a labour dispute.
The announcement came after the London Metal Exchange had closed, but expectations of the move boosted prices during trading and nickel hit a 4«-year high of $9,250 a tonne.
Rampant demand from stainless steel producers will push prices even higher, possibly up to $12,000 during the next 12 to 18 months, Credit Lyonnais Rouse said in its latest metals price forecast for 2000-01.(cont)
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