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Platinum Peaks Over $2,100 an Ounce

South African Power Problems Hurt Supply

Written by Luke Burgess
Posted February 19, 2008

platinum bar
Platinum set a record high for the 13th straight session on today on lingering power problems in top producer South Africa that have hit mining and widened the gap between demand and supply.

The metal, mainly used in autocatalysts and jewellery, has jumped 22% this month, 38% so far in 2008 and nearly 75% in the past 12 months on supply problems in South Africa, which produces 88% of global platinum.

Spot platinum surged nearly 3% to a high of $2,107 an ounce during intraday trading.

- luke

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