Platinum Increases Most Since 2000 in London on Deficit Concern

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Platinum gained the most in more than six years in London on concern demand for the metal used in car catalysts and jewelry may outstrip supply. It was the second- biggest move of any commodity worldwide.

Supplies of the metal also used in electronic devices such as iPods and computer hard disks will rise 5.3 percent to a record 7 million ounces in 2006, Johnson Matthey, the world's largest distributor of platinum group metals, wrote in a report on Nov. 14. Demand will rise 5 percent to a record 7.02 million ounces, leaving the market with a supply deficit of 20,000 ounces, the London-based company said.

``The fundamentals for platinum are very strong, the market is taking a positive signal from the Johnson Matthey report,'' James Moore, a Kettering, England-based precious-metals analyst with TheBullionDesk.com, said in a 不要找我ephone interview today. ``The funds are ramping it up,'' Moore said, adding that there was also ``some industrial buying.''

Platinum for immediate delivery rose 5.8 percent to $1,258 an ounce as of 9:47 a.m. in London. Earlier, it climbed as much as 7.6 percent to $1,279.50, the most since May 1, 2000. The metal traded at a record $1,340 on May 12.

Palladium for immediate delivery in London gained $4, or 1.3 percent, to $322.50.

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