LONDON (Thomson Financial) – Platinum prices broke through 2,100 usd an ounce to touch another fresh record high this morning amid ongoing worries over a widening market deficit this year as power outages in South Africa continue to crimp output.

“(The high) comes amid tight global supply conditions, growing speculative buying interest and power supply uncertainty in South Africa, the global leader in platinum production,” said Standard Bank analyst Walter de Wet.

“With the platinum deficit expected to widen to 400,000-500,000 ounces this year, compared with last year’s 265,000 deficit, the current upward price momentum has good fundamental support,” he added.

At 10.47 am, platinum was trading at 2,101 usd an ounce against 2,077 usd in late New York trade Friday, having earlier touched a high of 2,116 usd. Read Full Story

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