The platinum market has posted moderate gains during the early Thursday US trading session, but January futures contract has been unable to climb back towards the prior session's high. Some traders feel that platinum may have found support from favorable outside market conditions, as well as from news of reduced production and reduced capital expenditures from platinum mining facilities in South Africa.
At least two South African mining companies noted lost production and/or reduced capital expenditures as a result of ongoing labor turmoil. In fact, Anglo-American indicated that residual labor problems in South Africa were likely to result in a 2012 global platinum deficit and while labor tensions haven't deteriorated significantly, some production continues to be lost.
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