“The platinum spot price rose 2.3% last week and is now up 7.2% year-to-date. Consensus estimates of 6-8 weeks of metal supply held by the producers may have weighed on price performance earlier this year, but if the labour impasse in South Africa (over 70% of platinum supply) is not resolved soon we could see further price upside on concerns of a supply squeeze,” according to ETF Securities.
Looking at other commodities, although futures data show traders are expecting further upside in high-flying coffee, ETF Securities says $18.2 million was pulled from long coffee exchange traded products last week.
The iPath Dow Jones-UBS Coffee Total Return Sub-Index ETN (NYSEArca: JO) and the iPath Pure Beta Coffee ETN (NYSEArca: CAFE) were among the best-performing non-leveraged exchange traded products last month.
ETFS Physical Silver Shares
