Most platinum and palladium prices are inching back up as initial optimism about meetings between producers in South Africa and the miners’ union waned as the talks drag on into a third day. The mining companies’ latest offer is aimed at ending a three-month strike that has crippled platinum and palladium production in South Africa.
The Association of Mineworkers and Construction Union has resumed talks with Anglo American Platinum Ltd. (AMS), Impala Platinum Holdings Ltd. and Lonmin Plc (LMI), Charmane Russell, a spokeswoman for the producers at Russell & Associates, said to Bloomberg Businessweek in an e-mail message.
On Wednesday, April 23, the day’s biggest mover was the price of Japanese silver, which saw a 1.6 percent decline to JPY 631.00 ($6.15) per 10 grams. Indian silver saw its price rise 1.3 percent to INR 44,077 ($723.88) per kilogram. Chinese silver finished the day up 0.7 percent to CNY 4,055 ($650.11) per kilogram. The price of US silver declined 0.3 percent to $19.39 per ounce.
At INR 28,198 ($463.10), the price of Indian gold bullion finished the market day up 1.1 percent per 10 grams. US gold bullion prices saw a 0.5 percent decline to $1,284 per ounce. Chinese gold bullion prices rose 0.2 percent to CNY 258.10 ($41.38) per gram. The price of Japanese gold bullion showed little movement on Wednesday at JPY 4,255 ($41.46) per gram.
After two flat days, the price of Japanese platinum bar inched up 0.2 percent on Wednesday to JPY 4,644 ($45.25). Chinese platinum bar stayed flat at around CNY 301.00 ($48.26) per gram. At $1,398 per ounce, the price of US platinum bar was essentially unchanged.
Wednesday saw the price of Chinese palladium bar drift down 1.1 percent to CNY 179.00 ($28.70) per gram after a couple of stagnant days. US palladium bar prices inched up 0.8 percent to $782.00 per ounce. The price of Japanese palladium bar remained essentially flat at JPY 2,640 ($25.72) per gram.