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Mining Weekly reported that last week, the NewPlat ETF, which tracks the rand-denominated platinum price, recorded its largest outflow ever after prices for the metal hit a five-and-a-half-year high.

Mining Weekly reported that last week, the NewPlat ETF, which tracks the rand-denominated platinum price, recorded its largest outflow ever after prices for the metal hit a five-and-a-half-year high.

As quoted in the market news:

Last week, NewPlat ETF’s holdings fell by 16 019 oz to 885 206 oz, its largest one-week drop since its launch last April, Reuters data showed. The fund’s investors were largely South African pension and other funds, analysts say.

‘The key thing that has changed in the last couple of weeks is that the rand has blown out against the dollar,’ Justin Froneman, an analyst at SBG Securities, said.

‘The rand platinum price has gone up, and there was quite a lot of profit sitting on the table. You will find there will be some people normalising their portfolio and taking some profit.’

Click here to read the full Mining Weekly report.

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