SA failing to fill platinum deficit

2013-11-13 08:26

Platinum supply from South Africa, the world’s biggest producer of the metal, is hovering around 12-year lows.

UK-based refiner Johnson Matthey said yesterday the global platinum market would show a deficit of 605 000oz this year, compared with last year’s shortfalls of 340 000oz, Business Day reported today.

Strong demand, particularly for industrial supply and investment, would outpace supply for the third year running and would result in the biggest deficit since 1999.

Platinum absorbed by the South African exchange-trade fund (ETF), which was backed by physical metal, was a key factor in fuelling demand.

The Absa platinum ETF was the largest such fund in the world, with more than 774 000oz.

Johnson Matthey general manager of marketing and publication, Jeremy Coombes said by investing in the ETF, investors were opting to put money into the metals rather than the shares of companies producing platinum in a troubled and difficult mining environment.

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