Coronation and Investec expect mine cutbacks to boost prices.
by Eddie van der Walt, Kevin Crowley and Colin McClelland, Bloomberg
Mine Web
Two of South Africa’s biggest fund managers are going against the tide in the platinum market by betting on higher prices.
The metal fell into a bear market this month and US money managers have cut bullish bets for ten straight weeks, the longest stretch in at least a decade. That hasn’t dented Coronation Asset Management and Investec Asset Management’s view that a long-term supply crunch in South Africa, which produces 70% the world’s platinum, will boost prices.