News) - Platinum and palladium are currently benefiting from mine shutdowns in South Africa as part of the global effort to halt the COVID-19 outbreak, but a more meaningful price recovery may not occur until the global economy recovers, some analysts said.
The industrially oriented precious metals – used in automotive catalytic converters – were hammered this month on worries about slowing economic growth due to COVID-19. From the highs to the lows during the month of March so far, Nymex April platinum fell 39%, while June palladium lost 47%.
However, the metals are getting a reprieve from news of three-week mine closures in South Africa. Platinum group metals rose sharply Tuesday, then as of mid-morning Wednesday, Nymex April platinum was up another $24.20 to $725.90 an ounce, while June palladium surged $160.10 to $1,947.


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