Why Sibanye-Stillwater Stock Is Soaring Again Today
Shares of Sibanye-Stillwater (NYSE: SBGL) jumped more than 10% by 3:00 p.m. EST on Monday. Driving up the mining stock was a massive surge in the price of palladium.
The spot market price for palladium spiked 9.3% today to more than $2,500 an ounce. That was the precious metal's biggest one-day gain since 2008. Furthermore, it continued the metal's rally this week, which has been its best one since 2001. Powering palladium's rally has been a combination of tight supply due to some production constraints and strong demand because of stricter emissions targets, which is forcing automakers to use more of it to make catalytic converters.
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Source Fool.com
