Platinum Up as South African Miners’ Union Talks Strike

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The leader of South Africa’s AMCU mining union is due to meet with its members on Thursday to update them on the progress of wage talks with platinum producers Lonmin, Impala and Anglo American after negotiations to end a crippling five-month strike deadlocked this week.

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A union shop steward told Reuters that Association of Mineworkers and Construction Union (AMCU) President Joseph Mathunjwa would hold a meeting with thousands of striking miners at platinum mines near Rustenburg, northwest of Johannesburg.

Platinum’s price has not been affected much by the strike as customers built up large stockpiles of the metal before the strike began in January but it has been moving up in the past few weeks as industrial purchasers are running their stockpiles dry.

On Wednesday, June 11, US platinum bar jumped up 2.0 percent, landing at $1,476 per ounce and making it the day’s biggest increase. Chinese platinum bar prices inched up 1.3 percent to CNY 314.00 ($50.42) per gram. The price of Japanese platinum bar declined 0.1 percent to JPY 4,781 ($46.73) per gram.

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US palladium bar saw its price rise 1.4 percent to $852.00 per ounce. The price of Chinese palladium bar increased 0.5 percent to CNY 190.00 ($30.51) per gram. Japanese palladium bar saw little change in its price yesterday at JPY 2,765 ($27.02) per gram.

At INR 26,260 ($443.53), the price of Indian gold bullion finished the market day up 1.1 percent per 10 grams. The price of US gold bullion finished the day at $1,260 per ounce following a 0.6 percent increase. After a 0.5 percent increase, Chinese gold bullion finished the day at CNY 252.90 ($40.61) per gram. The price of Japanese gold bullion remained steady at JPY 4,127 ($40.34) per gram.

US silver gained 0.7 percent to finish at $19.19 per ounce. Indian silver finished the day up 0.7 percent to INR 40,811 ($689.29) per kilogram. Japanese silver prices rose 0.3 percent to JPY 628.00 ($6.14) per 10 grams. Chinese silver prices inched up 0.1 percent to CNY 4,080 ($655.10) per kilogram.

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