Johannesburg, South Africa — MININGREVIEW.COM — 22 July 2008 – South African platinum stocks boosted the bourse as the price of the precious metal soared off a two-month low yesterday, with Impala Platinum and Anglo Platinum leading the blue-chips higher.
Reporting from here, Reuters quotes BoE Private Clients trader Andrew Todd as saying: “There’s a bit of an up-tick in the price of the metal, and there’s also bargain hunting. These shares have been hit very hard over the last couple of weeks as people shifted from resources into financial. I think this was overdone,” he added.
Todd forecast that the shares were likely to rise even further.
Impala Platinum – the world’s second-ranked producer of the white metal – rose more than 5%, while its bigger rival, Anglo Platinum jumped more than 4%. Smaller platinum and diversified mining rival African Rainbow Minerals Limited (ARM) soared 6.95%.
Reuters reports that platinum rebounded after tumbling to its lowest level in more than two months as the industrial sector took advantage of cheaper prices to buy again.
The metal has dropped more than 18% since hitting a record high of US$2 290 in March.