China Business Blog - Aggregated China Business Blogs
Aggregated China Business Blogs
Platinum bank falls to lowest for 12 years
Aggregated Source: Shanghai Daily: Business

THE primary supply of platinum worldwide fell 13 percent to 5.6 million ounces last year, the lowest for 12 years, as shipments from South African producers tumbled 16 percent, according to a private report yesterday.

The drop in South African output, due to strikes, safety stoppages and closure of mining operations, left a deficit in the global platinum market of 375,000 ounces last year compared with an oversupply of 430,000 ounces in 2011, London-based chemicals and precious metals company Johnson Matthey Plc said in the report.

"We also expect the primary supply of platinum be a little higher this year, with broadly the same level of sales from South Africa as in 2012 and slightly higher shipments from other regions," said Johnson Matthey.

But still the platinum market may see a slight deficit in 2013, the firm said.

Meanwhile the total demand for the metal held firm at 8.1 million ounces in 2012, just off 0.6 percent from a year earlier.

Chinese consumption of platinum jewelry surged 16 percent last year, propelling the global demand for the jewelry to 2.8 million ounces last year, said the precious metal specialist.

The platinum price declined by US$169 to US$1,552 per ounce on average last year, and may range from US$1,415 to US$1,710 per ounce in the next six months.

Original URL: Click here to visit original article
Copyright Shanghai Daily: Business