South African Platinum Miners’ Strike Talks End, No Agreement in Sight

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Government-brokered talks to end the five-month platinum strike that is battering South Africa’s economy collapsed on Monday with the parties deadlocked.

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Anglo American Platinum, Impala and Lonmin – the world’s top three producers of the precious metal – said in a joint statement that they would “now review further options” as the longest and costliest industrial action in the mining sector’s history shows no sign of ending.

Indian silver saw a 0.8 percent increase on Tuesday, June 10, reaching INR 40,530 ($684.64) per kilogram and making it the biggest upwards shift of the day. After improving for two days, the price of US silver declined 0.3 percent to $19.05 per ounce. Japanese silver finished the day down 0.2 percent to JPY 626.00 ($6.11) per 10 grams. After falling for two days, the price of Chinese silver rose 0.1 percent to CNY 4,075 ($652.96) per kilogram.

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The price of Indian gold bullion increased 0.5 percent to INR 25,984 ($438.92) per 10 grams. The price of US gold bullion held steady at $1,252 per ounce. Japanese gold bullion stayed flat at around JPY 4,129 ($40.29) per gram. The price of Chinese gold bullion showed little movement yesterday at CNY 251.75 ($40.34) per gram.

US platinum bar prices rose 0.4 percent to $1,447 per ounce. The price of Chinese platinum bar steadied at CNY 310.00 ($49.67) per gram following two-days of increases. Japanese platinum bar held its value yesterday at JPY 4,788 ($46.72) per gram.

Japanese palladium bar finished the day up 0.1 percent to JPY 2,765 ($26.98) per gram. US palladium bar prices inched up 0.1 percent to $840.00 per ounce. The price of Chinese palladium bar held steady at CNY 189.00 ($30.28) per gram.

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