(Updates with closing in Tokyo)
By Lewa Pardomuan
SINGAPORE, Feb 12 (Reuters) - Platinum hit a record high
for the ninth straight trading day on Tuesday after a power
crisis in South Africa forced Anglo Platinum <AMSJ.J>, the
world's main producer of the metal, to cut its output forecast.
Platinum's rally inspired gains in other precious metals.
Sister metal palladium jumped to its highest level in more than
six years, silver hit a 27-year peak while gold was within
sight of an all-time high.
Platinum <XPT=> rose to $1,965/1,975 an ounce from
$1,933/1,941 late in New York on Monday, driven by investors
buying and record-high platinum futures in Tokyo.
"It's the same news, the same old news which has driven
platinum prices to move higher," said Peter Tse, a dealer at
Scotia Mocatta in Hong Kong.
"Basically there's no resistance. With a relatively small
and thin market, platinum price can drive anywhere, unlike gold
and silver in which you see more participants and more
liquidity," he said.
Japanese platinum futures also hit a record high, with the
most active December 2008 contract <0#JPL:> on the Tokyo
Commodity Exchange ending by the daily 240 yen per gram limit
at 6,383 yen.
The rally gained pace after Angloplat said the electricity
supply problem alone would slash production by as much as
120,000 ounces in 2008, and had cost the company 30,000 ounces
in lost output since January. []
Analysts say the platinum deficit could widen to more than
400,000 ounces by the end of 2008, compared with about 265,000
ounces in 2007. The market had a surplus of 65,000 ounces in
2006 following seven successive years of deficits.
"I think we can see $2,000 soon. Platinum is a bit stronger
on tight supply," said Ronald Leung, director of Lee Cheong
Gold Dealers in Hong Kong.
Mines across South Africa, which accounts for four-fifths
of the world's supply of the metal, ground to a halt for five
days at the height of the power crisis last month. Platinum is
used in jewellery and auto catalysts to clean exhaust fumes.
In other precious metals, gold ignored news the Group of
Seven rich nations on Saturday approved the sale of gold by the
International Monetary Fund from April as part of a broad
reform of its budget. []
"I don't think players have fully returned in the region.
Probably, we have to wait until market participants have
returned from their holidays," said Tse of Scotia Mocatta.
"I would say today it's a $919 to $930 range but the
medium-term range is still looking good," he said.
Gold <XAU=> rose to $924.20/925.10 an ounce from
$922.70/923.40 an ounce late in New York, but was within sight
of a record high of $936.50 an ounce hit in early February.
The physical sector saw selling of gold scrap from
Indonesia but trading had yet to pick up in other parts of Asia
after the Lunar New Year. Gold bars were on par with spot
London prices in Singapore <GOLD/ASIA1>.
Palladium <XPD=> hit a bid high of $447 an ounce, its
highest level since September 2001, up from $437/440 an ounce
in New York.
Silver <XAG=> jumped to a 27-year high of $17.60 an ounce,
the day's high, up from $17.47/17.52 an ounce late in New York.
COMEX's April gold futures <GCJ8> added $0.5 an ounce to
$927.2 an ounce.
The euro <EUR=> was steady at $1.4523 <EUR=>, while the
dollar <JPY=> was little changed at 106.85 yen.
(Editing by Ben Tan)
