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Global platinum market heading for deficit

Hong Kong, China — 13 November 2012 – Impala Platinum Holdings Limited “’ the world’s second-biggest platinum producer “’ expects the market for the precious metal with industrial uses to be in deficit this year, and to continue that way for the next few years.

Speaking at a conference here, Impala group executive for marketing Derek Engelbrecht went on to say that he expected lower output and job cuts as a result of rising costs and a drop in platinum productivity, according to Reuters.

The South African government was unlikely to take any measures to ease months-long labour tension before a key conference of the African National Congress set to take place next month, he added.

Labour strife in South Africa’s mining sector has supported platinum prices at a time when uncertainty in the outlook for the global economy is weighing on demand for the metal, which is mainly used in jewellery and auto-catalyst production

Source: Reuters Africa. For more information, click here.