Platinum prices jump on supply worries

|By:, SA News Editor

Platinum prices are surging, stoked by worries over supplies due to the crippling mine worker strike in South Africa and the potential for increased sanctions against Russia.

Platinum mining in South Africa has plunged by more than a third since workers went on strike in January to demand higher pay; mining companies had built up their inventories before the strike, but stockpiles have dwindled as the strike reaches its 11th week.

South Africa is the source of roughly 80% of the world's platinum, while Russia is the second largest producer; platinum is used primarily in catalytic converters of diesel-burning vehicles, which are common in Europe.

Platinum producers: AGPPY, AGPPF, AAUKY, AAUKF, IMPUY, IMPUF, LNMIF, LNMIY.

ETFs: PPLT, PTM, PGM