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Platinum price trades at 2.5-week high after mine closure in South Africa

The platinum price appears this morning to be experiencing much the same kind of "coiled spring effect" as base metals are. 

It has climbed to a 2½-week high of $976 per troy ounce after having hit a multi-year low of less than $900 at the start of the month. As Glencore recently announced, it has shut down its Eland platinum mine in South Africa because of the low prices and difficult market environment, notes Commerzbank. 

According to the company, the mine had produced 35,000 ounces of platinum group metals in the first quarter. 

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