Articles Tagged "Platinum Market News"

Platinum and Palladium Reach Highs This Week on U.S. Car Sales, News of New Strike

Platinum – The Wall Street Journal reported this week that platinum and palladium prices reached ten month and two week highs respectively this week as the U.S. posted higher than expected automobile sales and news of a possible new mining strike in South Africa following the end of the long running strike by the Association of Mineworkers and Construction Union.

South Africa Miners Return to Work

Platinum – Reuters reported that workers at South African platinum mines owned by Anglo American Platinum (LSE:AAL), Impala Platinum (JSE:IMP) and Lonmin (LSE:LMI) cheered as they returned to work this week following the end of a five month strike. As Reuters wrote, the strike has so far cost the companies an estimated over $1 billion in revenues.

Producers Plan Further Talks Following Additional Wage Demands

Platinum – Bloomberg reported that major PGM producers Anglo American Platinum (LSE:AAL), Impala Platinum (JSE:IMP) and Lonmin (LSE:LMI) are looking to meet with South Africa's Association of Mineworkers and Construction Union again after the AMCU put forward additional wage demands following the announcement of an imminent resolution.

South African Mining Minister Presents New Offer for PGM Miners to Consider

Platinum – The Wall Street Journal reported that South Africa's Mining Minister Ngoako Ramatlhodi has given a new offer to major platinum miners Anglo American Platinum (LSE:AAL), Impala Platinum (JSE:IMP) and Lonmin (LSE:LMI) in South Africa in an attempt to end an ongoing strike in the country. The mining minister sent the proposal on behalf of the Association of Mineworkers and Construction Union, according to the Journal.

Platinum Prices Gain as Palladium Soars

Platinum – Following palladium's remarkable near-three year gains bringing it to $828.80 on Wednesday, platinum also rose to reach its highest price since early March, Bloomberg reported. According to the publication, platinum futures for delivery in July rose 2 percent to $1,485.70 an ounce, trading as high as $1,487.60 throughout the day.