PLATINUM PRICES SURGE ON SOUTH AFRICA UNREST
Platinum prices posted strong, fresh increases yesterday, as traders bid up prices in response to unrest in South Africa, where much of the precious metal is mined. In active trading on the New York Mercantile Exchange, the July platinum contract jumped $10.20 an ounce yesterday, to $454.20, just below a three-year high of $455.50 that was struck earlier this year. South Africa produces 80 percent of the platinum coming from the non-Communist world. About 60 percent of the strategically sensitive metal goes to industrial use, 30 percent to jewelry and 10 percent for investment, dealers say.