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Platinum prices jump on supply worries

  • 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
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