South Africa’s AMCU Union Marches; Chinese Palladium Bar Rises 1.8%

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There is no end in sight for the platinum strike in South Africa, as “thousands of South African platinum miners from the AMCU union marched through Pretoria on Thursday to protest what it says are state and company efforts to break its six-week old wage strike against the world’s three top producers of the precious metal,” reports Reuters.

“Clad in their trademark green shirts, the Association of Mineworkers and Construction Union (AMCU) members marched to the Union Buildings, the seat of South Africa’s government, to hand in a memorandum of protest to President Jacob Zuma.”

“The march came the day after wage talks collapsed between AMCU and Anglo American Platinum, Impala Platinum and Lonmin, dashing hopes for an end to a stoppage that has hit 40 percent of global output of the metal.”

“Over 300,000 ounces of platinum production have been lost so far to the current stoppage compared to around 600,000 ounces to the wildcat strikes in 2012. The platinum price spiked to six-month highs on Wednesday after the wage talks collapsed.”

In metal price news for precious metals…

Chinese palladium bar saw a 1.8 percent increase on Thursday, March 6, making it the biggest upwards shift of the day. US palladium bar gained 0.6 percent to finish. Japanese palladium bar stayed flat.

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Chinese platinum bar prices inched up 1.0 percent. The price of US platinum bar ended a two-day climb. The price of Japanese platinum bar held steady.

Indian gold bullion closed 1.0 percent lower. The price of US gold bullion finished the market day up 0.9 percent per ounce. The price of Chinese gold bullion was essentially unchanged. Following a two-day rise, the price of Japanese gold bullion flattened.

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US silver finished the day up 1.5 percent. Indian silver fell 0.7 percent on Thursday. Chinese silver saw its price rise 0.1 percent. The price of Japanese silver remained steady.

 

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