Platinum Prices To Rally On Labour Strike

The world’s largest platinum miners are bracing for the most severe labor turmoil since 44 people died during a strike at Lonmin Plc (LMI) in August 2012.

About 70,000 members of the Association of Mineworkers and Construction Union plan to walk out over pay on Jan. 23 at mines in South Africa’s platinum belt run by Anglo American Platinum Ltd. (AMS), Impala Platinum Ltd. and Lonmin. The area accounts for about 70 percent of global output of the precious metal, whose price advanced to the highest level in more than two months today amid concern a strike will hobble supplies.

The deadly clash 17 months ago at Lonmin’s Marikana mine came after workers declared “Enough is enough,” AMCU President Joseph Mathunjwa said last week as he addressed thousands of his members. “We also want the wealth, we want to support and raise our children.”


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Mingze Wu

Mingze Wu

Currency Analyst at Market Pulse
Based in Singapore, Mingze Wu focuses on trading strategies and technical and fundamental analysis of major currency pairs. He has extensive trading experience across different asset classes and is well-versed in global market fundamentals. In addition to contributing articles to MarketPulseFX, Mingze centers on forex and macro-economic trends impacting the Asia Pacific region.
Mingze Wu