|Day's range||808.60 - 820.40|
(Bloomberg) -- The National Union of Mineworkers, which dominated organized labor across South Africa’s platinum belt until the massacre at Lonmin Plc’s Marikana mine in 2012, is plotting a comeback.By the end of this year, the union wants to represent 30% of the more than 167,000 workers at the world’s four biggest platinum producers, said NUM President Joseph Montisetse. It currently represents 18% of Impala Platinum Holdings Ltd.’s workforce and 11% at Lonmin. He didn’t give figures for Anglo American Platinum Ltd. or Sibanye Gold Ltd., which is taking over Lonmin. In 2018 the NUM represented about 30% of Anglo Platinum workers and dominates representation at smaller producers Northam Platinum Ltd. and Royal Bafokeng Platinum Ltd. The NUM, founded in 1982 by South Africa’s President Cyril Ramaphosa, has halved in size as it was ousted from some platinum mines by the more militant Association of Mineworkers and Construction Union. AMCU played a leading role in the protests that ended in the fatal shooting of 34 people by the police at Marikana, and in 2014 it led a five-month platinum-industry strike.“We have a clear target. I’ve appointed myself to platinum” recruitment efforts, Montisetse said at the NUM’s headquarters in downtown Johannesburg, where mosaics of struggling workers line the entrance. Formerly South Africa’s largest labor union, it currently has 187,000 audited members, he said.AMCU says it has 250,000 members across the country’s mining industry. Since Marikana there has been often deadly conflict between members of AMCU and the NUM.The former also continues to be more aggressive in its pay demands. While AMCU has started this year’s platinum wage talks with a demand for a 48% increase to 17,000 rand ($1,185) a month, the NUM has requested a 15% increment from Anglo Platinum.While Montisetse said the NUM doesn’t want to profit from another union’s problems, AMCU has its own challenges.AMCU is currently facing a threat of deregistration as a recognized union by the regulator because it allegedly hasn’t complied with its constitution by failing to hold a regular congress and leadership elections.(Adds companies in second paragraph.)To contact the reporters on this story: Antony Sguazzin in Johannesburg at email@example.com;Paul Burkhardt in Johannesburg at firstname.lastname@example.orgTo contact the editors responsible for this story: James Herron at email@example.com, ;John McCorry at firstname.lastname@example.org, Dylan Griffiths, Nicholas LarkinFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Gold is trading positive as investors are anticipating a fed’s rate cut that is hurting the dollar. Palladium is up for the sixth day.
In 2010 Terry McConnachie was appointed CEO of Sylvania Platinum Limited (LON:SLP). This analysis aims first to...
Gold is trading positive on Thursday following the US GDP. But the move is limited due to dollar strength and euro weakness.
God and silver are trading in consolidation mode after Thursday’s rally. Be aware of profit taking and rebalancing ahead of the weekend.
Gold markets did very little during the trading session on Wednesday, as we await the FOMC Meeting Minutes. At this point though, it seems as if the $1275 level is going to continue to offer support, and I think that it extends down to the $1270 level.
Gold prices could surge today if the three main influences: the dollar, yields and stocks, continue to trade lower. Gains could be limited if safe-haven buying supports the dollar.
A transaction for the Mponeng mine southwest of the capital Johannesburg is unlikely to rock financial markets or cause a great political upset. While it’s still one of the world’s 10 biggest gold reserves, AngloGold will do well to get more for the pit than its $533 million carrying value at the end of 2018. As Felix Njini of Bloomberg News has detailed in multiple articles, the gold mining industry that built South Africa and produced about half of the yellow metal that’s ever been dug up seems now to be in terminal decline.
Precious metals are trading positive on the day but most of them are posting losses on the week. Gold is up, but the move looks short-lived.
Gold and silver advanced against the US Dollar amid political and economic concerns. However, the metals are losing steam.
There were different opinions as to what fueled Monday’s strength. NatGasWeather said the gains came as weather data over the week-end trended “slightly cooler” for this upcoming weekend and early next week, showing “weak cool shots” across the Great Lakes and Northeast.
Gold bounces on Monday amid technical buying while platinum is ready to test highs again. Silver remains in range.
Gold is trading positive but limited. Platinum is providing an interesting technical move while copper is down after reaching 10-month highs
The stock markets in the United States pulled back slightly to kick off the week on Monday, but quite frankly it isn’t much to worry about as we are clearly in a significant uptrend, and of course that has not changed with this small setback.
The crude oil markets fell slightly during the trading session on Monday to kick off the week, but keep in mind that this is most certainly a very bullish market. With that in mind, it could be offering value but there are still concerns about global growth that continue to weigh upon energy markets.
Natural gas markets fell rather hard during the trading session on Monday, as we continue to see a lot of negativity. Overall, this is a market that looks likely to struggle, but we are at the very bottom of the longer-term consolidation area.
Crude Oil WTI Futures dropped to a five-day low price amid higher US Oil output growth. Upcoming US April NY Manufacturing Index and BoC’s Business Outlook may provide some support to the falling pair.
Based on the early price action and the current price at 1.1311, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the 50% level at 1.1316 and the long-term uptrending Gann angle at 1.1312.