Ann: Base metal results in Parks Reef, page-41

This morning news:

"Palladium pushes above $US2,500

Palladium soared over 9 per cent to power above the key $US2,500 an ounce level for the first time on Friday, boosted by a chronic shortage of the metal in the market and hopes the global economy might be turning the corner.

Spot palladium was 6.9 per cent higher at $US2,472.80 per ounce having earlier surged past the $US2,500 an ounce level to hit a record peak of $US2,537.06. The auto-catalyst metal was also pacing for its best week since December 2001, surging more than 16 per cent.

“This is a structural deficit market that has been brewing for years and we don’t really see an increase in supply on the horizon to quell that,” said Ryan McKay, a commodity strategist at TD Securities.

Palladium has constantly been breaking records, rising more than 50 per cent last year, on a sustained supply squeeze and expectations for stricter emission laws across the globe.

Also helping boost prices, China and the United States signed a preliminary trade deal on Wednesday that could spur economic growth, and a Chinese auto industry group said vehicle sales would slow their decline.

Palladium is primarily used by automakers for catalytic converter manufacturing to clean car exhaust fumes.

Reuters"