| How the Volkswagen Scandal Is Crushing Platinum | |
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The scandal swirling around Volkswagen will inevitably have an impact on other diesel vehicle makers. VW’s claims of a clean diesel engine now appear to be based on little more than deceit, and it calls into question the . That is not good news for platinum. If sales of diesel cars drops significantly, the already depressed commodity price for platinum will get hammered again. About 44% of global platinum demand comes from automakers that use the metal to lower the amount of pollution emitted from diesel engines. On Tuesday, platinum prices dropped nearly 4%, the largest decline in more than two years. ALSO READ: 10 Cities Where You Don't Want to Get Sick Most of the world’s platinum is mined in South Africa and Russia by mining giants like Lonmin and Anglo American. There is a single platinum mine operator in the U.S., Stillwater Mining Corp. (SWC), with a mine in south central Montana. The company recently said it would fire 119 employees after failing to negotiate a new contract with miners. Stillwater’s best offer included two-years with no wage increases. The slightly better news for the platinum group of metals is that demand for palladium is expected to remain where it is or get slightly better. palladium is used in emissions control systems in gasoline-powered vehicles, and sales of those are expected to rise as consumers shy away from diesel cars. ALSO READ: Wells Fargo Has 5 Defensive Energy Stocks, Even With Lower Oil Prices Spot platinum prices rose Thursday morning from Wednesday’s close of $931 an ounce to around $351, before dropping back to about $941. Platinum prices have dropped from $1,312 over the past 12 months and reached a high of around $1,900 an ounce in 2011. Spot palladium has risen from $622 an ounce on Tuesday to around $653 Thursday morning. palladium’s 12-month high is $826 and its five-year high is $908, a level it reached late last summer. Related Articles
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VanEck Vectors Global Alternative Energy ETF
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PRODUCER |
CODE : SWC |
ISIN : US86074Q1022 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Stillwater Mining is a copper and nickel producing company based in United states of america. Stillwater Mining produces copper, nickel, palladium, pgm and platinum in USA, and holds various exploration projects in Canada. Its main assets in production are EAST BOULDER MINE, STILLWATER MINE and EAST BOULDER in USA and its main exploration property is SIM LAKE in Canada. Stillwater Mining is listed in Germany and in United States of America. Its market capitalisation is 854.0 millions as of today (€ 784.0 millions). Its stock quote reached its lowest recent point on November 21, 2008 at 1.76, and its highest recent level on May 03, 2017 at 18.00. Stillwater Mining has 47 442 200 shares outstanding. |