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PALLADIUM ON THE MOVE TOO
Platinum continues to record new highs on supply concerns
The steady rise in platinum group metals prices continues following supply disruptions in South Africa which accounts for around 80 percent of new mine production.

Author: Lewa Pardomuan
Posted: Monday , 11 Feb 2008

SINGAPORE (Reuters) -

Platinum hit another record high on Monday on lingering supply concerns in South Africa, which produces four-fifths of the world's supply of the metal, while gold firmed near an historic high.

Platinum has gained nearly 25 percent so far this year after power shortages disrupted mining in South Africa, triggering worries about a bigger market deficit for 2008. The metal is used in jewellery and auto catalysts to clean exhaust fumes.

Platinum hit a bid high of $1,887 an ounce, up from $1,880/1,888 late in New York on Friday, lifting sister metal palladium to its highest in six years.