Palladium, Platinum Retreat From Recent Highs

1000_gram_platinum_bars_1The Wall Street Journal, New York—Palladium pulled back from a three-year high and platinum fell from an eight-month peak Friday as investors locked in gains ahead of a long weekend.

Palladium for June delivery, the most actively traded contract, was recently down $6.90, or 0.8%, at $829.55 a troy ounce on the New York Mercantile Exchange. Platinum for July delivery was down $7.10, or 0.5%, at $1,486.00 an ounce.

Prices of both metals rallied in recent days, as a mine-worker strike in South Africa entered its 18th week and violence broke out at some mines. South Africa supplies about 80% of the world’s platinum and roughly a third of its palladium. The metals are often found together and investors have worried that the production disruption would limit supplies.

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