Govt. Mediator Gives S. Africa's AMCU Permission to Strike at Lonmin; Japanese Silver Up

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Looks as though we will be seeing a strike…”South Africa’s Association of Mineworkers and Construction Union (AMCU) has been given permission by a government mediator to call a strike over wages against world No. 3 platinum producer Lonmin, the union said on Tuesday,” reports Reuters.

“AMCU spokesman Jimmy Gama said the union would consult its members soon about a possible strike at Lonmin, and that miners there could down tools before Christmas or next year.”

“Analysts have said a strike is more likely in 2014 as workers will be extremely reluctant to embark on industrial action just ahead of the Christmas holidays, when shafts typically close or work at reduced volumes.”

In metal price news…

Japanese silver moved up 1.6 percent on Tuesday, December 10, the day’s biggest change. US silver finished the day up 1.5 percent. The price of Indian silver rose 1.3 percent after a two-day drop. The price of Chinese silver held steady.

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Japanese gold bullion prices inched up 1.0 percent. US gold bullion gained 0.8 percent to finish. After falling for two days, the price of Indian gold bullion rose 0.7 percent. Chinese gold bullion saw little change in its price yesterday.

The price of US platinum bar is back up, rising by 1.2 percent on Tuesday to close. The price of Japanese platinum bar finished the market day up 0.7 percent per gram. The price of Chinese platinum bar showed little movement yesterday.

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US palladium bar ended the day, after the 0.5 percent drop on Tuesday. The price of Japanese palladium bar steadied following two-days of increases. After a couple of days of improving prices, the price of Chinese palladium bar held steady.