Platinum climbs as tensions rise in South Africa

Staff Writer
Columbus CEO

Prices for platinum and palladium are climbing following reports of rising tension in South Africa's mining region.

Platinum for July delivery rose $14.10, or 1 percent, to settle at $1,456 an ounce Tuesday. Palladium for June rose $8.55, or 1 percent, to $817.30 an ounce.

Three miners working in defiance of a mining strike were killed in separate incidents over recent days in South Africa's platinum belt. The attacks come as mining companies increase efforts to break the four-month strike. Lonmin has appealed to workers to return to work and reportedly plans to reopen mines Wednesday.

Other metals were mixed Tuesday. Gold for June delivery fell $1 to $1,294.80 an ounce.

In other trading, wheat lost 6 cents to settle at $7.09 a bushel.