Platinum Climbs in London After Impala Labor Talks; Palladium Also Gains

(Bloomberg) -- Platinum climbed to a one-week high
in London after pay talks continued without an agreement at
Impala Platinum Holdings Ltd., reviving speculation miners will
strike in South Africa, the biggest producer of the metal.
Palladium also rose.

Negotiations that continued until 11 p.m. local time
yesterday failed to bring a breakthrough, Eddie Majadibodu,
chief negotiator for the National Union of Mineworkers, said
today. Anglo Platinum Ltd., the biggest platinum producer, is
halting output at its Rustenburg underground mine for safety
checks in two days' time following the deaths of five workers in
the past two weeks.


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Platinum Futures Hold Near Record High in Tokyo as Mining Costs May Rise

(Bloomberg) -- Platinum futures held near a record
high in Tokyo on speculation wage disputes in South Africa would
push up production costs, and as gains in gold this week lured
investors to other precious metals.

South Africa's National Union of Mineworkers yesterday
rejected a wage increase offer by Impala Platinum Holdings Ltd.,
the world's second-biggest platinum producer, because it wasn't
big enough. Gold for immediate delivery has gained about 2
percent in the past six trading days, drawing buyers to other
precious metals as well, Jonathan Barratt, managing director of
Commodity Broking Services in Sydney, said today by phone.


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