Lonmin Returns To Profit; 3.5% Decrease for Indian Silver

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Lonmin has “returned to an annual profit after losses resulting from fatal strikes in 2012 and said it hoped wage talks, though ‘tough’, would avoid disruption this year,” reports Reuters.

The company “on Monday said its production, sales of platinum and efforts to contain cost increases exceeded its own targets, helping pre-tax profit beat analysts’ forecasts.”

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“The London-listed company forecast sales would increase almost 8 percent or more next year, with cost inflation – a major problem for platinum miners struggling with lacklustre prices – kept below increases in South African wages.”

Indian silver’s 3.5 percent decline made it this week’s biggest mover on the weekly Global Precious Metals MMI®. The price of US silver fell 1.6 percent over the past week. This was the fourth week in a row of declining prices. After a 1.4 percent decline, Chinese silver closed out the week. Japanese silver fell 0.7 percent over the past week.

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The price of Indian gold bullion rose 3.4 percent after falling 2.1 percent during the previous week. Chinese gold bullion saw a 2.1 percent decline over the past week. The price of US gold bullion fell 2.0 percent over the past week. This was the third week in a row of declining prices. The price of Japanese gold bullion declined 1.1 percent over the past week.

Following a 0.3 percent increase in the week prior, the price of Chinese platinum bar fell 0.7 percent last week. US platinum bar saw a 0.6 percent decline over the past week. The price of Japanese platinum bar finished the week 0.5 percent higher.

The price of US palladium bar rose 2.6 percent after falling 0.5 percent during the previous week. The price of Japanese palladium bar rose 2.4 percent after falling 0.2 percent during the previous week. The price of Chinese palladium bar rose 1.2 percent after falling 0.6 percent during the previous week.

The Global Precious Metals MMI® collects and weights 14 global precious metal price points to provide a unique view into precious metal price trends. For more information on the Global Precious Metals MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.