Platinum Market News Directory

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

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

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

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

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.

New Mining Minister Vows to End South African Strike

The Wall Street Journal reported that South Africa's new mining minister, Ngoako Ramatlhodi, has indicated that he will accelerate transformation of the mining industry in that company and end a protracted PGM mine strike in the region. Major PGM miners Anglo American Platinum (LSE:AAL), Impala Platinum (JSE:IMP) and Lonmin (LSE:LMI) have been locked in a wage dispute with the Association of Mineworkers and Construction Union since the start of this year.

Platinum Futures Up on South Africa Strike

Bloomberg reported today that platinum-group metals are doing well amidst supply concerns due to an ongoing strike in South Africa. Anglo American Platinum (LSE:AAL), Impala Platinum (JSE:IMP) and Lonmin (LSE:LMI) plan to attempt mediation again on Tuesday, according to the news outlet.

Platinum Prices Gain as Palladium Soars

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.