Platinum Prices Take a Dive

Frik Els of Mining.com reported that platinum prices fell by more than $20 per ounce on Monday while palladium prices also declined. According to Mining.com, prices for the metals are not reacting as expected to supply squeezes from Russia and South Africa, especially in light of revived demand from the European automobile industry.

As quoted in the publication:

On the Comex division of the New York Mercantile Exchange, platinum futures for July delivery – the most active contract – in early afternoon trade exchanged hands for $1,428.70 an ounce, down $23.10 compared to Friday’s close and near the day’s lows.

On the day before more than 70,000 South African workers went on strike at Anglo American Platinum (LON:AAL), Imapala Platinumm (OTCMKTS:IMPUY) and Lonmin (LON:LMI) which together account for almost 50% of the world’s production, platinum was trading at $1,450 an ounce.

Click here to read the full Mining.com article.