IBTimes reported platinum prices retreated following Anglo American Platinum’s (LSE:AAL) announced it has resolved strikes.
As quoted in the market news:
For Platinum, prices retreated as Anglo American Platinum announced a resolution with the workers. Representatives of the labor group said they had accepted the company’s offer, but would still request a wage increase to ZAR16-K. The company stated that it had lost 191-K ozs of Platinum and it would take at least a week to resume production at the operations. The benchmark contract for Platinum rose to a 3-month high of 1603.3 Wednesday but gains faded over the subsequent days and settled at 1561.8 oz Friday. Palladium also experienced similar trading pattern but was able to secure more than a +2% gainer on weekly basis. Speculative interest in Platinum has been higher than that of Palladium which relies less on investment demand flows.