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Stock impact report

Palladium soars, eyes best day in two decades on South Africa lockdown [Reuters]

Platinum Group Metals Ltd. Ordinary Shares (Canada) (PLG) 
Company Research Source: Reuters
Palladium soars, eyes best day in two decades on South Africa lockdown (Reuters) - Palladium surged 12% on Tuesday, on track for its biggest daily rise since 2000 as major producer South Africa locked down due to the coronavirus, while gold soared over 3% as a fresh round of stimulus measures paused a run for cash amongst investors. Autocatalyst metal palladium rose to $1,927.23 per ounce, while platinum rose 6.8% to $686.39, also helped by the 21-day shutdown. “We believe this might provide significant support to Platinum Group Metals prices in the short term,” said Dmitry Glushakov, Head of Metals & Mining Research at VTB Capital. “The country accounts for some 70% of global platinum mined supply and 35% of palladium, with a 21-day lockdown possibly resulting in a 4% and 2% of 2020 supply reduction respectively.” Spot gold was up 3.2% at $1,603.01 per ounce by 1050 GMT and at its highest since March 13, having posted its best day since June 2016 on Monday with a 3.7% rise. U.S. gold Show less Read more
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