Platinum prices hits record high close to 2,000 dollars

Feb 12, 2008
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LONDON, Feb 12, 2008 (AFP) - The price of platinum soared to a record high near 2,000 dollars here on Tuesday February 12th as the precious metal was swept higher by persistent supply concerns in top producer South Africa.

On the London Platinum and Palladium Market, platinum struck a record 1,972.75 dollars per ounce.

On Monday, the metal had peaked at 1,899.25 dollars before falling back slightly.

"Platinum prices draw closer to the 2,000-dollar level as (electric) power concerns persist," wrote analysts at Barclays Capital in London, referring to recent severe shortages in South Africa.

"Power concerns continue to plague South African production."

In recent months, prices for the precious metals have risen sharply on concern over deliveries from South Africa, where output has been severely hampered by accidents, a miners' strike and now power shortages.

White metal platinum is used to make expensive jewellery and catalytic converters in vehicles.

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