×

Platinum price hits record high amid S.Africa power crisis

By
AFP
Published
Feb 11, 2008
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

LONDON, Feb 11, 2008 (AFP) - The price of platinum struck an historic high nearing 1,900 dollars here Monday on supply disruptions caused by power shortages in South Africa, the white metal's biggest producer, traders said.


Gold miners walk past the Gold Fields Driefontein mine in Carletonville - Photo : Alexander Joe/AFP

On the London Platinum and Palladium Market, platinum struck a record peak of 1,899.25 dollars. It later stood at 1,895 dollars an ounce.

The price has been firm since November because of concern over deliveries from South Africa, where production has been affected by accidents, a miners' strike and now power shortages.

"With state energy provider Eskom forecasting the (power) problems to continue for several weeks, further gains seem inevitable with the metal potentially testing 2,000 dollars an ounce in the not too distant future," said James Moore, an analyst at thebulliondesk.com.

Platinum is used to make expensive jewellery and catalytic converters in vehicles.

Copyright © 2020 AFP. All rights reserved. All information displayed in this section (dispatches, photographs, logos) are protected by intellectual property rights owned by Agence France-Presse. As a consequence you may not copy, reproduce, modify, transmit, publish, display or in any way commercially exploit any of the contents of this section without the prior written consent of Agence France-Presses.