South African strike pushes platinum prices up

AP News
Posted: May 22, 2014 4:03 PM

Platinum and palladium are hitting their highest prices this year as a mining strike in South Africa continues to cripple production.

Platinum for July delivery surged $18.20 to settle at $1,493.10 an ounce. Palladium for June rose $6 to $836.45 an ounce. That's the highest settlement price since Feb. 2011, according to FactSet data.

One mineworker was reportedly killed on his way to work Thursday, one of several deaths tied to the strike this month. The CEO of Impala Platinum, one of the large mining companies, told Reuters that the strike could continue much longer.

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Copper and precious metals also traded higher Thursday. Gold for June gained $6.90 to $1,295 an ounce.

In other trading, soybeans climbed 14 cents to $15.19 a bushel. Oil and gas prices were mixed.