Analysts Say Platinum Weighed Down By Low Demand

All Africa reported analysts say the ongoing eurozone debt crisis will continue to weigh down international platinum prices over the next year.

As quoted in the market news:

In 2010, global demand for platinum by the automobile industry stood at 2,985 million ounces, marginally rising to above three million ounces in 2011.

According to Thomson Reuters GFMS, by the end of last year, global platinum surplus stood at 735 000 ounces.

Zimbabwe has the world’s second largest known platinum reserves in the world, after South Africa.

Platinum currently accounts for about 36 percent of the country’s total mineral production, with at least 230 000 tonnes of the white metal having been exported in 2010.

Click here to read the full All Africa report.