Platinum Jumps As Hopes of Quick End to South African Miners’ Strike Dwindle

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Talks between South Africa’s biggest three platinum producers and their unions collapsed Thursday and the companies said they would take their latest wage offer directly to employees. South Africa’s longest and most damaging mining strike in living memory is not about to come to an abrupt end as both sides strive to win rank and file hearts and minds in a high stakes war of attrition on the platinum belt, Reuters reported.

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Leaders of the Association of Mineworkers and Construction Union (AMCU) have signalled their displeasure with the offer from the world’s top three producers, Anglo American Platinum, Impala Platinum and Lonmin.

US platinum bar saw a 6.3 percent increase on Friday, April 25, reaching $1,488 per ounce and making it the biggest upwards shift of the day. The price of Chinese platinum bar gained 0.7 percent, closing at CNY 303.00 ($48.49) per gram. The price of Japanese platinum bar remained steady at JPY 4,629 ($45.24) per gram.

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The price of US palladium bar increased 2.0 percent to $799.00 per ounce. Chinese palladium bar finished the day up 1.1 percent to CNY 181.00 ($28.96) per gram. Japanese palladium bar finished the day down 0.1 percent to JPY 2,586 ($25.27) per gram.

US gold bullion prices inched up 0.8 percent to $1,294 per ounce. Indian gold bullion gained 0.7 percent to finish at INR 28,400 ($464.66) per 10 grams. Chinese gold bullion prices rose 0.6 percent to CNY 259.60 ($41.54) per gram. Japanese gold bullion saw little change in its price last Friday at JPY 4,227 ($41.31) per gram.

Chinese silver prices inched up 1.6 percent to CNY 4,110 ($657.67) per kilogram. US silver finished the day up 1.0 percent to $19.65 per ounce. At JPY 641.00 ($6.26), the price of Japanese silver finished the market day up 0.8 percent per 10 grams. Indian silver prices rose 0.3 percent to INR 44,190 ($723.00) per kilogram.

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