Two Returning Lonmin Miners Are Killed, Platinum Rises on Strike Tensions

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Violence reared its head in the South Africa’s platinum mining strike. More police were sent to the strike-hit platinum belt to protect miners after two were killed returning to work over the weekend, according to the UK Guardian.

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Platinum producer Lonmin said over the weekend that a majority of its workers, who were polled about an offer outside of the miners’ union, wanted to return on Monday. Workers at the world’s leading platinum producers, Amplats, Lonmin and Impala Platinum, have been on strike for the past four months. South Africa’s Association of Metalworkers and Construction Union is adamant that its members will only go back to work once their salary demands are met.

On Tuesday, May 13, Chinese platinum bar saw a 0.7 percent increase to CNY 305.00 ($48.90) per gram. Weakening prices followed two days of improvement as the price of US platinum bar dropped 0.4 percent to $1,431 per ounce. The price of Japanese platinum bar flattened at JPY 4,703 ($46.02) per gram after two days of downward movement.

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Chinese palladium bar finished the day up 0.6 percent to CNY 182.00 ($29.18) per gram. US palladium bar prices rose 0.1 percent to $804.00 per ounce. The price of Japanese palladium bar remained essentially flat at JPY 2,633 ($25.77) per gram.

Chinese gold bullion saw its price rise 0.6 percent to CNY 260.25 ($41.72) per gram. After a 0.4 percent increase, Indian gold bullion finished the day at INR 27,851 ($467.97) per 10 grams. At $1,296 per ounce, US gold bullion fell 0.2 percent on Tuesday. Japanese gold bullion prices inched up 0.1 percent to JPY 4,226 ($41.35) per gram.

Following a 3.9 percent rise yesterday, the price of Indian silver closed at INR 43,848 ($736.76) per kilogram. The price of Chinese silver increased 1.2 percent to CNY 4,160 ($666.91) per kilogram. After falling for two days, the price of Japanese silver rose 0.5 percent to JPY 632.00 ($6.18) per 10 grams. US silver prices saw a 0.2 percent decline to $19.50 per ounce.

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