Nymex Platinum, Palladium Lifted
Source: Kitco, Allen Sykora (9/1/10)
"Nymex October platinum up $80; September palladium gained $22.15."
Platinum and palladium prices are higher, boosted by a weaker U.S. dollar that normally supports all commodities, a trader said. The platinum group metals are also drawing spillover support from gold, which is within striking distance of the record highs set in June. The PGMs are also drawing some support from their own fundamentals—potential for strike action in South Africa, where some 75% of the world's platinum is mined. A spokesman for the National Union of Mineworkers (NUM) says members appear to be leaning toward a strike against Northam Platinum over wages, with a final count still pending. There are also fears that workers at other mines could stage a sympathy strike with state workers. At 9 a.m. EDT, Nymex October platinum was up $80 to $1,531.50 an ounce, while September palladium gained $22.15 to $522.55.