Platinum price reached ten year low level. Collapse in Turkey hit other markets, and as a result weakend currency of leading platinum producer, South Africa, Reuters reports. Key factor of price fall is however persistent surplus of metal's supply over demand.

In the past platinum was valued more than gold. Now metal lost 25% from high level of January and fell below $780 per ounce. This week price reached the lowest level since October 2008 and also record low compared to gold.

At the same time South-African rand lost 10% this week related to dollar. 

Some analytics expect surplus from 40000 ounces to 316000 ounces in 2018. Total market is evaluated as 8 villion ounces.

Speculative bets on price decline exceeded bets on price increase first time since 2001.

The reason for reduction in demand is weak sales of diesel cars, where platinum is used for catalysts.

Part of analytics however expects recovery of prices, as current situation will make some producers close operations, while low prices will attract jewerly manufacturers and industrial buyers.

Twenty nine analytics surveyed by Reuters in July forecast average price level $922 this year and $979 in 2019.