Platinum Posts 12-week Price Drop Amidst News of South African Labor Talks

Bloomberg reported yesterday that platinum took its biggest fall in three months on news that South African miners may be making progress in an ongoing dispute with workers. Platinum futures for April delivery dropped by 2 percent, to $1,400.70 an ounce, on the New York Mercantile Exchange.

As quoted in the market news:

In South Africa, the Association of Mineworkers and Construction Union, which has led more than 70,000 people, will meet with mining companies tomorrow. Anglo American Platinum Ltd. and Impala Platinum Holdings Ltd., the two largest producers, said on April 18 they will boost monthly wages of the lowest-paid underground workers. Lonmin Plc said it will offer a similar increase.

Click here to read the full Bloomberg article.