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.

As quoted in Bloomberg:

Platinum futures for July delivery rose 0.9 percent to $1,481.60 an ounce. South Africa is the biggest producer. Holdings in ETPs backed by the metal rose to a record, according to Bloomberg data.

London VTB Capital analyst, Andrey Kryuchenkov, said:

The potentially devastating long-term damage to the industry amid ongoing strikes in South Africa is to in any case keep a floor under platinum-group metals prices.

Click here to read the full Bloomberg article.