From: Reuters
Published February 17, 2008 07:25 PM

Platinum hits record at $2,070 on supply squeeze

SINGAPORE (Reuters) - Platinum, used in jewellery and auto catalysts, jumped to another record high above $2,000 an ounce on Monday, on lingering power supply which disrupted mining in main producer South Africa.

Spot platinum hit a high of $2,070 an ounce, up from $2,050/2,055 an ounce late in New York on Friday.

Analysts say the global platinum deficit could widen to 400,000 to 500,000 ounces by the end of 2008, compared with about 265,000 ounces in 2007. The market had a surplus of 65,000 ounces in 2006 following seven successive years of deficit.

(Reporting Lewa Pardomuan; Editing by Valerie Lee)

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