PRECIOUS-Economic recovery bets push platinum to over six-year peak

* Platinum remains vulnerable to South African supplies -
dealer
* Benchmark U.S. yields rose to highest since March on
Friday
* Interactive graphic tracking global spread of coronavirus:
https://tmsnrt.rs/3mvcUoa

(Adds graphics, updates prices)
By Sumita Layek
Feb 15 (Reuters) - Platinum prices extended a rally on
Monday to scale their highest in more than six years on firmer
investor expectations that an economic recovery would boost
demand for the auto-catalyst metal and lead to a supply
shortfall.
Platinum XPT= , used by the auto industry to filter
emissions from engine exhausts, rose to its highest since
January 2015 at $1,285.17 an ounce. It was up 1.9% at $1,276.44
by 0746 GMT.
"The economic recovery play, including a recovery in Chinese
jewellery demand in 2021, with concerns that South Africa
supplies will remain vulnerable to the COVID-19," is driving
prices, said Nicholas Frappell, global general manager at ABC
Bullion.
"Further price targets on the upside extend to $1,330 and
1,577."
Platinum may see a third consecutive annual deficit in 2021,
according to specialist materials firm Johnson Matthey.
Analysts said U.S. President Joe Biden's push for greener
policies as well as a global tightening of auto emission rules
were also boosting prices.
Operational issues in Anglo American Platinum (Amplats)
AMSJ.J , one of the world's largest platinum producers, that
contributed to a supply deficit last year also remained a
concern. Spot gold XAU= eased 0.4% to $1,816.50 per ounce as U.S.
Treasury yields jumped to a near 11-month peak on Friday. U.S.
gold futures GCv1 slipped 0.4% to $1,816.60.
"The safe-haven status of gold is not holding as much shine
as it once did, while we've a lot of optimism around economic
growth," said Michael McCarthy, chief market strategist at CMC
Markets.
Bond markets are indicating that the central bank's
accommodative stance will diminish this year, and that is
negative for gold, McCarthy said. US/
Higher yields increase the opportunity cost of holding
non-yielding bullion.
Silver XAG= gained 0.1% to $27.37 and palladium XPD=
eased 0.3% to $2,382.07.

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South Africa platinum produciton vs global platinum prices https://tmsnrt.rs/3rVzs4s
IMF economic growth outlook https://tmsnrt.rs/3ajJSoh
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