"The real question is if demand on Platinum is high and stockpiles are at record lows, why is the spot only at 1450?"
It's a good question that I have been pondering. One has to realise that the processing of ore to platinum metal takes about six months so there is a large cushion in the supply. Also, as the following article points out there was quite a bit of stockpiling of ore in anticipation of the strike.
http://www.moneyweb.co.za/moneyweb-mining/platinum-seen-rising-as-producers-metal-stocks-nea
As the article says we have about six to eight weeks to go before supply constraints kick in, although I'd expect the PGM price to start moving before then.
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