Platinum and palladium slump on strike deal

AP News
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Posted: Jun 12, 2014 4:01 PM

Platinum and palladium prices are slumping on a deal to end South Africa's long-running mining strike.

The price of platinum for delivery in July fell $39.80, or 2.7 percent, to $1,441.30 an ounce. September palladium fell $40.75, or 4.7 percent, to $819.40.

The strike for higher wages started in January and has supported the prices of both metals this year. South Africa is a major producer of platinum and palladium, which are used in the medical, electronic and automotive industries.

Gold and silver rose but copper edged lower.

In energy trading, the price of oil rose to its highest level in almost nine months as an insurgency in Iraq raised the risk of disruptions to supplies. In trading of agricultural products, wheat and soy beans fell, while corn advanced.