Platinum prices have picked up as workers at the three largest platinum mines take their strike action into a third week. Combined, Anglo American Platinum, Lomin and Imapala Platinum produce 60% of the worlds Platinum.
Initially the strike had little impact on the price with existing inventories meeting supply. As the strike enters its third week inventories are now starting to dwindle with experts estimating that 5,000 ounces of palladium and 10,000 ounces of platinum production are being lost each day.
As a result platinum is up 4% this year to $1,428.40 per ounce and palladium is trading at $736 per ounce following seven positive sessions.
The industry has been plagued with strike action over the last two years and there seems no resolution to the current dispute.