Platinum Strikes Fail To Push Price Up

Reuters reported continuing strikes at South Africa platinum mines failed to push the price of the white metal higher.

As quoted in the market news:

Mining strikes in South Africa, accounting for 80 percent of the world’s platinum reserves, failed to support prices among the platinum group metals.

Anglo American Platinum, the world’s top producer of platinum, said it had fired 12,000 workers who had participated in a three-week illegal strike. Amplats said the work stoppage had cost it 39,000 ounces in lost output.

Spot platinum eased 0.3 percent on the day at $1,703.49 an ounce, after reaching a seven-month high earlier in the session. The metal still posted a weekly rise of more than 2 percent.

Click here to read the full Reuters report.