Commodity Online
NEW DELHI: Following poor power situation in South Africa, platinum prices are set to soar in the coming year.

A report from experts said that almost 25 per cent rise in platinum prices are expected as power shortage is South Africa, a major producing nation, has hit the production.

According to experts, platinum will average $2,500 an ounce next year.

And, there is no respite from this problem at least until 2012 because power problems are set to continue in South Africa.

Eskom Holdings, which generates 95 per cent of South Africa's electricity, has curbed supply to mines and smelters in the country since January. The shortage will continue until 2012.

After a period of zero production because of power outages, mines are now producing again but have to contend with reduced power availability.