Platinum Dives as No Deal Reached in South African Miners’ Strike

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Gold, silver and bronze

Anglo American Platinum, Lonmin PLC and Impala Premium Holdings said Friday they have been unable to reach a resolution to settle the three months of mining strikes across South Africa over wages and benefits, despite putting a new offer on the table, Marketwatch reported.

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The last offer made by South Africa’s three biggest platinum producers would see the highest paid employees getting an increase of 7.5%, with the lowest paid Lonmin employees getting 9.5%, and the lowest paid at Anglo American Platinum and Impala getting 10% rises. The offer follows the recent meetings between the producers and representatives of the Association of Mineworkers and Construction Union, in a process facilitated by the South African Minister of Labour.

The day’s biggest mover broke away from a static phase with a 1.9 percent drop on Thursday, April 24. After three changeless days, the price of Japanese palladium bar closed at JPY 2,589 ($25.26) per gram. US palladium bar saw its price rise 0.1 percent to $783.00 per ounce. Chinese palladium bar held its value on Thursday at CNY 179.00 ($28.70) per gram.

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The price of Japanese platinum bar declined 0.3 percent to JPY 4,631 ($45.18) per gram. At $1,400, the price of US platinum bar finished the market day up 0.1 percent per ounce. The price of Chinese platinum bar held steady at CNY 301.00 ($48.25) per gram.

After remaining flat for three days, the price of Japanese gold bullion fell 0.6 percent on Thursday to JPY 4,230 ($41.27) per gram. The price of Chinese gold bullion showed little movement on Thursday at CNY 258.00 ($41.36) per gram. The price of US gold bullion steadied at $1,284 per ounce following two-days of dropping prices. The price of Indian gold bullion remained essentially flat at INR 28,198 ($461.47) per 10 grams.

After a 0.8 percent increase, Japanese silver finished the day at JPY 636.00 ($6.21) per 10 grams. The price of US silver is back up, rising by 0.3 percent yesterday to close at $19.45 per ounce. The price of Chinese silver fell 0.2 percent to CNY 4,045 ($648.48) per kilogram. At INR 44,077 ($721.33) per kilogram, the price of Indian silver was essentially unchanged.

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