Platinum prices saw some noted divergence with early action in gold and silver prices, as January platinum posted a new weekly high overnight and the market appeared for many traders to be emboldened by a combination of decent Chinese economic readings and lingering labor issues in South Africa. With up to 4,000 workers at a Lonmin mine deciding to stay away from work and the company considering their options, many traders expect platinum prices to find support from the threat of lost production.
Some companies intended to fire striking workers today but instead decided to put off that decision, which may have caused platinum to lose upside momentum this morning. Other traders felt that platinum and copper prices have diverged with gold and silver prices as a result of somewhat favorable Chinese data and a generally positive pattern of economic data from the US.
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