Anglo-American Platinum (Amplats) lost 532,000 ounces of platinum output to the 5-month wage strike at its Rustenburg mines, with the 3-month return to steady state production accounting for 108,000 oz. of that, according to BDlive.com
At today’s prices, the value of lost production is 7.3 billion South African Rand or about $672.6 million.
Amplats said it had returned to “normal” production levels last month, putting behind it the effects of the 5-month strike that was called off at the end of June. It was originally targeted that normal output would be achieved this month.
Refined output in the September quarter was 31% lower at 460,000oz than in the same period a year earlier.
With a decline of 8.1% to INR 38,709 ($631.42) per kilogram on Monday, October 27, Indian silver recorded the biggest price drift of the day. Japanese silver prices saw a 0.8% decline to JPY 592.00 ($5.44) per 10 grams. After falling for two days, the price of Chinese silver rose 0.1% to CNY 3,845 ($626.04) per kilogram. The price of US silver held steady at $17.20 per ounce.
The price of Indian gold bullion fell 0.7% to INR 27,393 ($446.83) per 10 grams. Japanese gold bullion prices saw a 0.4% decline to JPY 4,272 ($39.24) per gram. US gold bullion ended the day at $1,229 per ounce, after the 0.2% drop yesterday. The price of Chinese gold bullion flattened at CNY 242.47 ($39.48) per gram after two days of downward movement.
Following a 1.7% rise yesterday, the price of US platinum bar closed at $1,273 per ounce. Japanese platinum bar closed 0.4% lower at JPY 4,359 ($40.04) per gram. After a couple of days of decreasing prices, the price of Chinese platinum bar held steady at CNY 264.00 ($42.98).
Chinese palladium bar finished the day up 0.6% to CNY 171.00 ($27.84) per gram. The price of US palladium bar declined 0.3% to $776.00 per ounce. The price of Japanese palladium bar remained essentially flat at JPY 2,677 ($24.59) per gram.