Platinum Reaches 4-Month High on Worries About Supply Disruptions
Platinum reached the highest level in 4 months yesterday as strikes in South Africa have led to worries about disruption of supply. Deutsche Bank AG estimated that output from the country without disruptions could have been 380,000 ounces above the current rate this year — about 6 percent of global production. Barclays Plc estimated that South African production declined almost 10 percent to 4.38 million ounces, the lowest level in a decade. Global output will exceed demand by 99,000 ounces in 2012. That is 77 percent below the last year’s level.
Platinum has risen 12 percent in 2012. Among precious metals, only silver fared better. This year has been rather good for commodities, as well as stocks, so far. The Standard & Poor’s GSCI Index of raw materials has climbed 4.2 percent. The MSCI
Platinum spot price rose from $1,560.75 to $1,564.75 per ounce on COMEX yesterday. The daily high of $1,573.75 was the highest since May 1.
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