NEW YORK (Reuters) - Stillwater Mining Co.'s (SWC.N: Quote, Profile, Research, Stock Buzz) chief executive does not see platinum prices at $400 an ounce any time soon, though he said much higher palladium prices would drive customers away.
Speaking at the Reuters Global Mining and Steel Summit in New York, Frank McAllister said, "Will we ever see $400 platinum again? I doubt that, I really do. Will we ever see 80 cent copper again? I doubt that," he said.
Spot platinum <XPT=> last traded at $1,220/1,228 an ounce on Wednesday, down from $1,231/1,239 in the previous session.
Spot palladium <XPD=> last traded at $325/$332 an ounce, down from $344/349 an ounce.
When asked if palladium prices would move much higher, McAllister said, "I hope not. It drives too many customers away."
"Do I see it higher than where it is now? Yes. $400 to $500 would be great for palladium," he said.
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