Johannesburg — PLATINUM stocks in Swiss vaults were rising as global automotive demand remained weak, suggesting this year's price gains would be subdued, analysts said this week.
But palladium stocks were still falling, and while there was still more than enough palladium available for industry and investors, the price was starting to firm.
SA is the world's biggest producer of platinum, which accounts for 35% of its mining output, and the second-biggest producer of palladium. Prevailing rand strength, combined with a subdued price outlook, would hit platinum companies and SA's export earnings.
James Moore of TheBullionDesk in London said platinum struggled to hold above 1200/oz at the end of the June quarter. Technical indicators suggested it the metal could trend lower.
Click here to read more about rising platinum stocks.
