South Africa’s Lonmin – and even power generation and automotive industries – still can’t control strikes, leading to volatility in the region and translating to metal and other commodity volatility on world markets.
Via Reuters: “Ten striking South African miners were taken to hospital on Tuesday after being hit by rubber bullets, police said, as labour strife spread ahead of midyear pay negotiations…Last week, Lonmin suffered a wildcat walkout at Marikana after a gunman shot dead a union official in a bar and the National Union of Mineworkers said it would push for a pay rise of 60 percent for some categories of miner.”
Current Precious Metals Prices:
On Tuesday, May 21, the day’s biggest mover was the price of Japanese silver, which saw a 6.3 percent increase. This increase comes after the price fell for the two previous days. Indian silver made a large daily increase of 4.5 percent. Just off of a 30-day low, the price of US silver rose 3.0 percent yesterday. The price of Chinese silver rose 2.4 percent on Tuesday, just off the 30-day low it hit on Friday, May 17.
The price of Japanese gold bullion is back up, rising by 3.6 percent yesterday. The price of Chinese gold bullion rose 3.2 percent after a two-day drop. Following a two-day drop, the price of US gold bullion increased by 2.5 percent. Indian gold bullion saw its price rise 2.1 percent.
After falling for two days, the price of US platinum bar rose 2.3 percent. The price of Japanese platinum bar is back up, rising by 1.9 percent yesterday. Chinese platinum bar gained 1.3 percent.
US palladium bar prices inched up 1.5 percent. Chinese palladium bar prices rose 0.6 percent. The price of Japanese palladium bar remained steady.