Platinum soared to a record as Anglo Platinum Ltd., the world's biggest producer of the metal, said its output will decline for a second year. Palladium was little changed after reaching the highest since 2001.
Anglo Platinum said today that platinum production will drop to 2.4 million ounces this year, partly because of electricity shortages in South Africa. Output fell 12 percent to 2.47 million ounces last year after a series of fatal accidents disrupted mining.
Platinum futures for April delivery climbed $32, or 1.7 percent, to $1,916 an ounce at 10:49 a.m. on the New York Mercantile Exchange. Earlier, the price surged to $1,930, the highest ever for a most-active contract. Before today, the metal was up 24 percent this year, outpacing gold and silver.
``We wouldn't be surprised to see a try at $2,000 next week, given no signs of a top,'' Robin Bhar, a London-based analysts at UBS AG, said in a report.
Palladium futures for March delivery fell 20 cents to $440.65 an ounce. Earlier, the price reached $448.50, the highest since Dec. 28, 2001. Before today, the metal climbed 17 percent this year.
Platinum and palladium are used in jewelry and auto catalysts. Some investors buy the metals as an alternative to currencies, equities or bonds.
Most mines in South Africa, source of about three-quarters of global platinum supplies, were closed for five days last month because of blackouts. Eskom Holdings Ltd., the state-owned utility, has told major customers it won't have sufficient capacity to guarantee adequate power until 2013.
Courtesy - (Bloomberg)
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