HYDERADABAD Aug 25 (Reuters) – Prices of platinum could
rise in 2013 as markets digest limited supply from major
producer South Africa, Jeremy East, global head of metals
trading with Standard Chartered Bank, said on Saturday.
South Africa accounts for 80 percent of platinum supply and
its producers have seen output fall sharply over the last year
because of industrial action and a flurry of government-imposed
safety stoppages, sending prices to their highest level in more
than three months.
Major producers may start shutting down mines on high labour
and energy costs, East said.
“Fundamentally we are bullish on platinum as we feel South
African mines will have to start closing production… so supply
will be reduced and market will be more balanced,” said East on
the sidelines of the India International Gold Convention.
Gold prices could climb to $1,750 an ounce, up 5 percent
from current levels, by December on euro zone concerns and
expected stimulus plans, he said.
(Reporting by Siddesh Mayenkar; Editing by Nick Macfie)
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