Prices for platinum and palladium are surging following a strike at a platinum mine in South Africa.

Lonmin, one of the world's largest platinum producers, said Tuesday that workers went on strike at one of its mines in South Africa.

Palladium for June delivery jumped $20.15, nearly 3 percent, to settle at $734.60 per ounce.

Platinum for April delivery rose $19.50 to settle at $1,585.70 per ounce.

An estimated 80 percent of the world's platinum reserves are in South Africa.

Silver and copper rose on encouraging economic reports. Silver for May delivery gained 10.8 cents to $28.604 per ounce. May copper rose 1.35 cent to $3.515 per pound.

Gold for April delivery edged up $2.50 to $1,574.90 per ounce.

Grain prices also rose slightly.