Platinum prices spiked this week as deadly violence costing the lives of 34 people struck a platinum mine in South Africa.
Oil prices hit three-month highs on a number of factors, including positive US economic data and growing hopes of fresh economic stimulus by global central banks.
PRECIOUS METALS: Platinum prices hit the highest level since early last month, at US$1,462.50 an ounce, owing to the violence at a platinum mine in South Africa run by London-listed miner Lonmin. The metal’s price has risen about 4 percent since Thursday.
South African police on Friday said they fired only in self-defense in a clash with striking mineworkers, in which 34 people died. The workers at the Marikana mine were on a weeklong wildcat strike demanding a tripling of their wages from the current 4,000 rand (US$486) a month.
Gold prices, meanwhile, fell after an industry body said global demand for the precious metal had fallen to its lowest level in two years on weaker buying in main markets India and China, despite rising demand from central banks.
Worldwide demand fell 7 percent year-on-year in the second quarter, the World Gold Council said in a report.
By late Friday on the London Bullion Market, gold fell to US$1,614.75 an ounce from US$1,618.50 a week earlier.
Silver climbed to US$28.20 an ounce from US$27.88.
On the London Platinum and Palladium Market, platinum surged to US$1,455 an ounce from US$1,399.
Palladium gained to US$592 an ounce from US$578 an ounce.
OIL: World oil prices hit three-month highs before cooling on Friday on profit-taking.
Crude futures on Thursday reached the highest levels since May on encouraging economic figures in top crude consumer the US, traders said. New York oil hit US$95.69 a barrel and Brent US$117.03. The Brent price was for its September contract which expired at the close of trading on Thursday.
By Friday on London’s Intercontinental Exchange, Brent North Sea crude for delivery in October stood at US$114 a barrel compared with US$111.84 for the September contract a week earlier.
On the New York Mercantile Exchange, West Texas Intermediate (WTI) or light sweet crude for September jumped to US$95.21 a barrel from US$92.30.
BASE METALS: Aluminum hit a near three-year low at US$1827.25 a tonne on Thursday.
By late Friday on the London Metal Exchange, copper for delivery in three months jumped to US$7,537 a tonne from US$7,440 a week earlier.
Three-month aluminum fell to US$1,857 a tonne from US$1,877. Three-month lead dropped to US$1,872 a tonne from US$1,898. Three-month tin rose to US$18,460 a tonne from US$17,785. And three-month nickel grew to US$15,467 a tonne from US$15,305.
Nvidia Corp’s demand for advanced packaging from Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) remains strong though the kind of technology it needs is changing, Nvidia CEO Jensen Huang (黃仁勳) said yesterday, after he was asked whether the company was cutting orders. Nvidia’s most advanced artificial intelligence (AI) chip, Blackwell, consists of multiple chips glued together using a complex chip-on-wafer-on-substrate (CoWoS) advanced packaging technology offered by TSMC, Nvidia’s main contract chipmaker. “As we move into Blackwell, we will use largely CoWoS-L. Of course, we’re still manufacturing Hopper, and Hopper will use CowoS-S. We will also transition the CoWoS-S capacity to CoWos-L,” Huang said
Nvidia Corp CEO Jensen Huang (黃仁勳) is expected to miss the inauguration of US president-elect Donald Trump on Monday, bucking a trend among high-profile US technology leaders. Huang is visiting East Asia this week, as he typically does around the time of the Lunar New Year, a person familiar with the situation said. He has never previously attended a US presidential inauguration, said the person, who asked not to be identified, because the plans have not been announced. That makes Nvidia an exception among the most valuable technology companies, most of which are sending cofounders or CEOs to the event. That includes
TARIFF TRADE-OFF: Machinery exports to China dropped after Beijing ended its tariff reductions in June, while potential new tariffs fueled ‘front-loaded’ orders to the US The nation’s machinery exports to the US amounted to US$7.19 billion last year, surpassing the US$6.86 billion to China to become the largest export destination for the local machinery industry, the Taiwan Association of Machinery Industry (TAMI, 台灣機械公會) said in a report on Jan. 10. It came as some manufacturers brought forward or “front-loaded” US-bound shipments as required by customers ahead of potential tariffs imposed by the new US administration, the association said. During his campaign, US president-elect Donald Trump threatened tariffs of as high as 60 percent on Chinese goods and 10 percent to 20 percent on imports from other countries.
INDUSTRY LEADER: TSMC aims to continue outperforming the industry’s growth and makes 2025 another strong growth year, chairman and CEO C.C. Wei says Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), a major chip supplier to Nvidia Corp and Apple Inc, yesterday said it aims to grow revenue by about 25 percent this year, driven by robust demand for artificial intelligence (AI) chips. That means TSMC would continue to outpace the foundry industry’s 10 percent annual growth this year based on the chipmaker’s estimate. The chipmaker expects revenue from AI-related chips to double this year, extending a three-fold increase last year. The growth would quicken over the next five years at a compound annual growth rate of 45 percent, fueled by strong demand for the high-performance computing
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