Palladium futures explode over $800 an ounce in NYgreenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
Tuesday February 22, 12:05 pm Eastern Time
Palladium futures explode over $800 an ounce in NY
NEW YORK, Feb 22 (Reuters) - Palladium futures on the New York Mercantile Exchange skyrocketed to a new record high over $800 an ounce early Tuesday as the metal continued to be chased by a market needing supplies from top-producer Russia.
At 1009 EST, NYMEX March palladium futures were up a whopping $108.75 at $810 an ounce, resuming the historic rally in extremely thin trading after mild profit taking on Friday, when markets closed early ahead of the U.S. Presidents Day holiday on Monday.
Spot palladium was fixed at $774 an ounce in London's afternoon after hitting a record high $800 on Monday.
Though there was no news on Russian shipments while New York markets were closed, continued shortcovering pushed yen-based palladium futures up their daily limit on Monday and Tuesday on the Tokyo Commodity Exchange.
Russia accounts for 70 percent of the world's palladium but has been so erratic in its deliveries in recent years that key users like the automotive industry, which incorporates the metal in anti-pollution devices, are now seeking alternatives.
``Commercial buying is going on in palladium,'' said Ralph D'Esposito of RJ Futures. ``We're going higher.''
-- Homer Beanfang (Bats@inbellfry.com), February 22, 2000
-- Rick (firstname.lastname@example.org), February 22, 2000.
I see gold and crude are down today. I'd attach some significance to this, but it's a well known fact that prices are only undeniable indicators when they're going up, right? ;p
-- _ (_@_._), February 23, 2000.