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Per i metalliferidipendenti
US PRECIOUS OPEN - Platinum pulls back on South Africa labour improvement
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By Tom Jennemann, Correspondent
tom.jennemann@fastmarkets.com 973-204-3383
Orlando, Florida 16/11/2012 - Platinum futures have fallen sharply ever since workers at Amplats mines in South Africa returned to work yesterday, while gold started Friday's session modestly lower, largely the result of a weaker dollar.
Platinum for January delivery on the New York Mercantile Exchange (Nymex) was last down $21.50 at $1,551 an ounce. Trade has ranged from $1,546.40 to $1,576.70 an ounce.
Workers at Anglo American Platinum's Rustenburg Union and Amandelbult mines in South Africa yesterday ended a two-month strike by accepting a one-off payment of 4,500 rand ($504) as well as a monthly allowance of 400 rand on top their base salaries.
“However, it will take some time before production begins. It's estimated that around 200,000 ounces of output has been lost, with the company recently revising its 2012 output to 2.2 million ounces from 2.4 million ounces in October,” Standard Bank said in a note.
“As we have been warning, especially given the excessive length in the speculative markets for platinum, the metal has come off rather abruptly, trading at around $1,550,” the bank analysts added.
Additionally, Commerzbank AG said that the pay raises will materially increase cost for the producers, which could lead to mine closures in the absence of platinum price appreciation.
Meanwhile, Comex gold for December delivery was last down down $2.40 at $1,711.40 an ounce. Trade has ranged from $1,705.60 to $1,717.20.
Gold futures fell by nearly one percent Thursday after the World Gold Council reported that gold volumes the third quarter fell 14 percent to 1,084.6 tonnes. Also, in value terms, demand dropped 11 percent year-on-year to $57.6 billion.
“In addition to a partial risk-off vibe in the wake of lower international equity market action overnight, gold is also seeing some adverse currency market action at the start of Friday's US trade,” the CME Group said in a market commentary.
The euro was a third cent softer this morning at 1.2749 against the dollar, while Germany's DAX and France's CAC-40 were off 0.27 percent and 0.22 percent respectively. The S&P 500 index and Euro Stoxx 50 index have fallen by 1.5 and 1.25 percent over the past two sessions.
In the US, nerves remain frayed as lawmakers attempt to reach a compromise before falling off the so-called 'fiscal cliff' that would automatically trigger $607 billion in spending cuts and new taxes.
“The White House meeting with members of Congress is likely to yield more of the same, as both parties seem to think it is still too early to compromise. In short, gold prices this week were not in a safe haven nor flight to quality mode, and that must leave the bears feeling confident heading into the Washington press conferences later today,” CME said.
Additionally, unemployment claims last week rose by 78,000 due to the aftermath effect of Hurricane Sandy although real GDP growth may not be impacted in total in the next two quarters, Sharps Pixley noted.
As for the more industrial commodities, light sweet crude (WTI) oil futures for December delivery on the Nymex were up 70 cents at $86.15 per barrel and the most-actively traded Comex copper contract was at $3.4550 an ounce, down 1.8 cents.
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)...mai dire mai, anche l'Udinese è andata a vincere a Liverpool...bene per chi ha scommesso "2" in quella partita!!!!!
