PLATINUM and palladium prices could recover later this year because supply shortages related to the national power crisis are likely to go on, Natixis Commodity Markets said in its third-quarter Metals Review released yesterday.

Spot platinum plunged almost 5% to $1578/oz in early trade yesterday, its lowest level in six months, on the release of figures from the US and Germany showing a sharp fall in vehicle sales, said Bloomberg.

The price of platinum, which is used in catalytic converters in vehicles, has shed almost 20% in three weeks. SA produces most of the world???s platinum.

Angloplat, the world???s biggest producer, was 4% weaker at R877 by mid-afternoon, while Impala Platinum, the second-biggest producer, was 6% down at R202,60.

Course: Business Day

This entry was posted on Tuesday, August 5th, 2008 at 8:20 pm.