Platinum futures rose above $US1700 mark on Wednesday for the third time in eight days, as supply fears continue to reverberate through the market.
Anglo American Platinum Ltd, the world's largest platinum producer, said on 15 January it would shut some of its production to reduce costs. This will remove about 400,000 troy ounces, or about 8% of global supply, from the platinum market.
Platinum for April delivery was recently up $US1.20, or 0.1%, at $US1699.70 per troy ounce on the New York Mercantile Exchange. The contract reached $US1704.60 earlier.
Analysts say platinum prices have been slow and uneven in their reaction to the news because the price gains are primarily driven by speculators, rather than industrial demand.
