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Platinum Rallies due to Strike, Soybeans Gain on Inventories

April 2, 2014 at 10:01 by Vladimir Vyun

Platinum rose today as strikes in South Africa continue. Workers and companies are not able to agree on wages and this led to the 10-week halt for mining. While strikes are far from being uncommon in the region, such a long period of unrest had not been anticipated. Other precious metals also rallied. Spot price for platinum advanced $6.50 (0.46 percent) to $1,430.75 per troy ounce as of 9:51 GMT today.

Soybeans gained today as US inventories were shrinking. The US Department of Agriculture reported that stockpiles were down by 992.3 million bushels at the beginning of March from a year ago. The United States are the biggest producer of the oilseed. May futures for delivery of soybeans advanced $0.070 (0.47 percent) to $14.915 per bushel on CBoT today.

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