Futures indicate fresh highs, palladium soars

Johannesburg-SA (Jan 20)  Key market indices closed higher at the end of last week after the US and China signed the long-awaited phase one trade deal, ending 18 months of market tumult.

The palladium price achieved a new record, breaking through the US$2,500 an ounce mark on Friday as demand continues for the metal used in autocatalysts. It was back around $2,300/oz on the spot market this morning.

Its gains follow rhodium's rise to its highest point since 2008 at $8,200/oz earlier this month.

 

Gold was worth about $1,556 an ounce on the spot market earlier.

Among the majors, Newmont (NYSE: NEM) closed 0.8% lower on Friday, Rio Tinto (LSE: RIO) rose 2.7% and BHP (ASX: BHP) was up 1.3% in morning trade.

Meanwhile Canada's mining sector is in the spotlight with the annual Vancouver Resource Investment Conference underway, where Mining Journal's Paul Harris is among the speakers.

  

US equity markets are closed today for a public holiday and looking ahead, China starts its week-long Lunar New Year holiday on Friday.

MiningJournal