NYMEX Platinum Futures Rise to $1,418.10 per Ounce

Bloomberg reported that platinum futures for January delivery rose 0.5 percent, to $1,418.10 per ounce, on the New York Mercantile Exchange. Earlier in the day, the price hit $1,405.10.

As quoted in the market news:

Eskom Holdings SOC Ltd., which generates almost all of South Africa’s electricity, said it will make ‘every effort’ to avoid rolling blackouts after requiring key industrial customers to reduce usage by at least 10 percent.

In 2008, blackouts shut mines for five days. The nation accounts for 72 percent of platinum mine supply and 36 percent of palladium output, according to Barclays Plc.

Click here to read the full Bloomberg report.