Platinum Climbs On Prospect Of Smaller Supply

Published February 22, 2012 8:45PM (EST)

Platinum prices are climbing as a South African mine strike raises the prospect of smaller global supplies.

Platinum ended up 2.1 percent Wednesday and is at its highest level since September. The metal is used in a variety of products from automobiles to electronics.

The strike has triggered violent protests at Impala Platinum's mine near Rustenburg. The company says it has lost 80,000 ounces of platinum production since the strike began and will lose an additional 20,000 every week it remains unsettled.

Other commodities are mostly higher as investors sort through a batch of news, including Greece's new bailout package, a stronger report on U.S. home sales and a slightly weak report on manufacturing in China.

Prices for gold, oil, wheat and corn are higher. Silver and copper are lower.


By Salon Staff

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