by Paul Burkhardt:
Platinum prices, up 21 percent from their August low, will extend gains as production cuts squeeze supply and consumption climbs, according to South African miner Wesizwe Platinum Ltd.
“You’ve got challenging supply issues and a market that’s recovering in terms of demand,” Chief Operating Officer Paul Smith said in an interview. “The platinum sector as a whole is going to come off quite a low base quite aggressively.”
Strikes that began in August in South Africa, source of three-quarters of the world’s platinum, led to mine halts that drove up prices from a $1,383.75-an-ounce low. They’ve since fluctuated, rising this month on a plan by Anglo American Platinum Ltd. to cut 400,000 ounces a year to curb costs. ...