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Platinum Futures in Tokyo Extend Rally on South African Strike
By Dave McCombs
Dec. 5 (Bloomberg) -- Platinum futures in Tokyo gained for a fifth day, the longest winning streak in seven months, as a nationwide strike by South African miners cut output at facilities that produce about 80 percent of the world's platinum.
The National Union of Mineworkers, South Africa's biggest labor union, called a strike yesterday as mine deaths rose this year. The work stoppage may continue until the end of this week, said Kazuhiko Saito, a commodity strategist at Interes Capital Management in Tokyo.
``The strike is a bull factor that could keep pushing platinum higher this week,'' Saito said by phone today.
Platinum for October delivery rose 23 yen, or 0.5 percent, to 5,050 yen a gram ($1,430 an ounce) as of 10:18 a.m. on the Tokyo Commodity Exchange. A fifth day of gains would be the longest rise for the most-traded contract since May 9.
The metal for immediate delivery rose to $1,474 an ounce, a 0.2 percent gain from late yesterday in New York. Palladium, a related metal also used in car exhaust filters and jewelry, was unchanged at $348.50 an ounce.
South Africa is home to most of the assets of the world's three biggest platinum producers -- Anglo Platinum Ltd., Impala Platinum Holdings Ltd. and Lonmin Plc -- as well as three of the world's top six gold producers, AngloGold Ashanti Ltd., Gold Fields Ltd. and Harmony Gold Mining Co.
Impala, Anglo Platinum, Lonmin and Northam Platinum Holdings Ltd. expect to together lose about 16,900 ounces of platinum output from the strike.
