Commodities for Thursday, Aug. 29, 1985 : Precious Metals Decline

Precious metals fell sharply in trading Thursday on the New York Commodity Exchange on indications that a strike set for Sept. 1 by South African gold miners might not be as widespread as previously indicated.

The decision by South African miners “to limit their strike to some of the minor producers . . . eased concerns of a major disruption of supplies” and sparked a selling wave in the metals pits, said Steve Platt, a senior metals analyst with Heinold Commodities.

Volume was light as many traders were sidelined and waiting to see what develops in South Africa, he said.

Corn prices advanced, soybeans were mostly higher and wheat was mixed in trading on the Chicago Board of Trade.

Fairly good crop conditions and traders evening up their positions before today, the first delivery day for the September grain and soybean contracts, were the major factors influencing the market, analysts said.

Wheat for delivery in September hit a new contract low on “expectations of rather substantial deliveries” today, said Bob Lekberg, a grains analyst with Shearson Lehman Bros.