Gold rebounded on Tuesday after posting its biggest one-day loss in a month in the previous session on growing worries about another global economic downturn, but a weaker U.S. dollar and bargain hunting by jewellers offered support.
While signs of a cooling Chinese economy could weigh on industrial metals, dealers expect no change in China's appetite for bullion. Investors were also awaiting a trail of U.S. data later in the day which could set the tone for commodities.
Miner Lonmin LMIJ.J (LMI.L: Quote) said on Friday that there was unspecified industrial action taking place at its Marikana operations in South Africa by members of the National Union of Mineworkers (NUM).
"Lonmin announced today that it is currently experiencing unprotected industrial action by NUM members at the Karee operations of its Marikana operations. As a result, production at Karee has been disrupted since the night shift of Tuesday 17th May," it said in a statement.
If you’ve been long palladium, you know much of the ride over the last two years has been remarkable.
The white metal gained 350% in value between January 2009 and February 2011. It practically doubled in price in 2010 alone – the best performance of any commodity (followed by silver, corn and wheat).
Palladium investors were flying high.
Vladimir Strzhalkovsky, the General Director and Chairman of the Management Board of MMC Norilsk Nickel (the Company) met with the President of the Republic of South Africa Jakob Zuma in RSA.
The meeting was held as part of the General Director's business visit to the Republic of South Africa. The parties discussed further development of the Company's projects in RSA.
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