HSBC: Anglo American Platinum Strike Over, But Supply Concerns Remain

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HSBC is concerned about supply, despite the end of the strike against Anglo American Platinum. “The company agreed to a reduced number of job cuts, according to reports. The company lost an estimated 44,000 ounces of platinum output due to a strike that began Sept. 27,” reports Kitco.

“’In the short term, an easing of platinum supply concerns may weigh on the PGMs, in our view,’ HSBC says. ‘However, medium- to longer-term issues remain for the platinum-mining industry.’ The bank estimates the average cash operating cost of production for platinum to be around $1,650 to $1,700 an ounce, well above spot price of $1,382.40 as of 7:48 a.m. EDT.”

On Thursday, October 10, the day’s biggest mover was the price of Chinese silver, which saw a 1.9 percent decline. The price of US silver fell 1.8 percent. Weakening prices followed two days of improvement as the price of Indian silver dropped 1.5 percent. After a 1.3 percent increase, Japanese silver finished the day.

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Chinese gold bullion closed 0.9 percent lower. US gold bullion finished the day down 0.9 percent. Japanese gold bullion ended the day, after the 0.3 percent drop yesterday. Indian gold bullion stayed flat at around.

The price of US platinum bar, following a couple days of improvement, prices fell by 1.4 percent. The price of Chinese platinum bar declined 0.7 percent. The price of Japanese platinum bar held steady.

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The price of US palladium bar, following a couple days of improvement, the metal’s price weakened by 1.5 percent. Chinese palladium bar prices saw a 0.6 percent decline. Japanese palladium bar held its value on Thursday.