Platinum Futures Near Eight-week High on Supply Concerns

The Wall Street Journal reported that platinum futures came close to an eight-week high today on the back of worries about disruptions in supply from South Africa.

As quoted in the market news:

The most actively traded platinum contract, for July delivery, recently traded up $19.60, or 1.3%, at $1,530.20 a troy ounce on the New York Mercantile Exchange. Futures rose as high as $1,532.50 an ounce, the highest since April 12.

Members of the Association of Mineworkers and Construction Union this week voted to go on strike at platinum producer Lonmin PLC (LMI.LN), but the union’s president has asked members for more time to negotiate with the company’s management.

A brief strike was held at Impala Platinum Holdings Ltd. (IMPUY) on Tuesday, and workers at chrome mines owned by Glencore Xstrata PLC (GLEN.LN) remain on strike.

Click here to read the full report from The Wall Street Journal.