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Platinum Prices Rising On Impaired Supply

London, Tuesday, February 12, 2008 -- ARANCA NEWSTRACK – (aranca)
 

FOR IMMEDIATE RELEASE

PRLog (Press Release)Feb 13, 2008 – Platinum prices are continuing to hit new highs on global exchanges, due to supply shortages.

The metal hit a record high for the ninth consecutive trading day yesterday, climbing from $1,933 to close at $1,936 on the New York Stock Exchange.

Price inflation for platinum on the day was driven by the Anglo Platinun, the world's largest producer of the metal, announcing that its projected output for the year was down as a result of power shortages.

The high prices were also propelled by investors buying record high platinum future on the JSE.

Peter Tse, a dealer at Scotia Mocatta, told the Reuters news agency: "It's the same news, the same old news which has driven platinum prices to move higher.

"Basically there's no resistance. With a relatively small and thin market, platinum price can drive anywhere, unlike gold and silver in which you see more participants and more liquidity."

Total production of platinum across the sector is now expected to stand at around 2.4 million ounces this year.

# # #

About Aranca

Aranca is an end-to-end provider of on-demand, investment, business and economic research, and valuation services to global clients. Our unique blend of market knowledge,flexible servicing models, quality assurance standards and offshore operations reward our clients with high quality, scalable, cost-effective research and valuation services. With client facing offices in San Francisco, New York, London, Brussels and Mumbai.
syndicate@aranca.com

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Issued By:Aranca
Website:http://www.aranca.com
Email:Click to contact author
Phone:+91.22.4005 2219 / +91.22.6725 8115
Address:Makwana Road
City/Town:Mumbai
State/Province:Maharashtra
Zip:400059
Country:India
Categories:Finance
Tags:Investment Research, Business Research, Economic Research, Valuation Services, Irc 409a, Ppa
Shortcut:www.prlog.org/10050842

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