The currency of South Africa, the leading platinum producer, weakened as a result of the collapse in Turkey, which hit other markets, Reuters reports. The South African rand lost 10% last week against the US dollar. The price of platinum fell to a ten-year low. Its value fell below $780 per ounce, losing 25% from the high level of January. The price of metal last week dropped to the lowest level since October 2008. The key factor in the price drop is still the excess of supply of metal over demand. The decline in demand for platinum is due to weak sales of diesel cars, in which this metal is used for autocatalysts.
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