Last Updated : 12 September 2012 at 20:35 IST
Platinum has good upside potential: UBS
Source :Commodity Online
A move towards $1,650 seems inevitable with supply risks lingering and this journey would be made a lot easier if (quantitative easing) expectations accelerate.
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NEW YORK (Commodity Online): Platinum prices have “good upside potential” considering the nagging supply risks out of South Africa, said Union Bank of Switzerland (UBS) in a snippet.
“A move towards $1,650 seems inevitable with supply risks lingering and this journey would be made a lot easier if (quantitative easing) expectations accelerate,” the bank added.
A peace accord was signed Thursday between Lonmin and some representatives of striking miners, but not all unions.
“Given that not all parties have signed the peace agreement, it is difficult to see how the accord can be very effective at this point. The potential for the situation in the South African platinum mining sector to drag on for some time should not be underestimated given the links to politics,” they continued.
Further, the strike at Lonmin's Marikana mine has endured for four weeks; that suggests that the company's inventories are likely near depletion, UBS concluded.
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