About 70,000 AMCU members downed tools in January at platinum mines run by Amplats, Implats and Lonmin to demand that their basic wages be more than doubled to 12,500 rand ($1,200) a month. Marred at times by violence, the strike
Early April, we reported that HSBC’s James Steel and his team were bullish on palladium prices where global supply is constrained. Steel was expected palladium average prices to reach $825/oz in 2014. This limit was reached last Wednesday and again today.
Palladium touched 785 dollars per ounce last Thursday in London, the highest level for an most-active contract since March 8, 2013. Investors are concerned about the consequences of tensions between Russia and Ukraine on the supply of the precious metal,
Despite a recovery on the demand side and a major strike in South Africa, mining companies inventory is preventing prices to rise. Platinum futures for April delivery gained 0.9 percent to $1,441.40 an ounce which is a 5% increase since January 1st.