Palladium jumps amid supply shortfall concerns

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Associated Press

Posted on November 13, 2012 at 4:02 PM

The price of palladium is jumping amid concern that supply of the metal won't match projected demand this year. Platinum is also rising on concerns about low supplies.

Palladium for December delivery gained $28.55, or 4.7 percent, to finish Tuesday at $636.60 per ounce, while platinum rose $19.90 to $1,586.40 per ounce. Both metals are used to make catalytic converters.

While demand for palladium will rise, supplies from mines in Russia and South Africa will likely remain constrained, according to a report from Johnson Matthey, a London-based specialty chemicals company.

In other trading, coffee fell 7 cents to $1.46 a pound.

Benchmark oil fell 19 cents to close at $85.38.

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