The South African Miners’ strike continued to push the price of platinum and palladium this week as they again led global precious metals in gains. The strike is now in its fourth month and one of the companies affect, Lonmin PLC, has said that it’s strike-related losses are slowly “bleeding” the company.
MetalMiner Lead Forecaster Raul De Frutos continues to recommend both metals as prices show no signs of falling as both Russia and South Africa, its two largest producers, are dealing with supply issues.
The week’s biggest mover on the weekly Global Precious Metals MMI® was the price of Chinese palladium bar, which saw a 3.3 percent increase to CNY 190.00 ($30.47) per gram. Last week marked the fourth in a row of rising prices for the metal. US palladium bar prices ticked up 2.7 percent over the past week to $831.00 per ounce. Closing at JPY 2,687 ($26.35) per gram, Japanese palladium bar remained unchanged for the week.
The price of Chinese platinum bar rose 1.3 percent to CNY 315.00 ($50.51) per gram after falling 22.8 percent during the previous week. The price of Japanese platinum bar increased 1.0 percent this week, closing out the fourth consecutive week of rising prices at JPY 4,853 ($47.59) per gram. The price of US platinum bar rose 0.8 percent over the past week to $1,475 per ounce. This was the fourth week in a row of increasing prices.
For the third week in a row, the price of Indian gold bullion dropped, falling 2.3 percent to INR 26,821 ($459.01) per 10 grams. At $1,293 per ounce, the price of US gold bullion finished the week down 0.3 percent. Following a 0.6 percent increase in the week prior, the price of Chinese gold bullion fell 0.2 percent last week to CNY 259.78 ($41.66) per gram. At JPY 4,227 ($41.45) per gram, the price of Japanese gold bullion did not change since the previous week.
The price of Indian silver fell 2.4 percent to INR 41,775 ($714.92) per kilogram after rising 1.4 percent the week before. Following a 2.1 percent increase in the week prior, the price of Japanese silver fell 0.9 percent last week to JPY 636.00 ($6.24) per 10 grams. In the past week, Chinese silver saw its price shift up 0.8 percent to CNY 4,175 ($669.45) per kilogram. US silver fell 0.1 percent over the past week to $19.44 per ounce.
The Global Precious Metals MMI® collects and weights 14 global precious metal price points to provide a unique view into precious metal price trends. For more information on the Global Precious Metals MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.