| From reuters.com: Platinum briefly spurted above $1,600 an ounce on Thursday, extending a 2 percent rally in New York, as supply fears resurfaced after a national strike in main producer South Africa forced mines and factories to shut.
Supply fears that sent platinum to a record high of $2,290 in March reappeared after striking workers in South Africa forced mines and factories to shut on Wednesday in a one-day protest against rising power, food and fuel prices. Spot platinum hit an intraday high of $1,603 ounce before slipping to $1,587/1,607 an ounce, down from $1,594.50/1,614.50 late in New York on Wednesday.
"I guess it's a bit of everything. A bit on the strike, a bit on bargain hunting and maybe a bit on a technical rebound," said Adrian Koh, an analyst at Philip Futures in Singapore...... Full Article: Source |