“Longer term, platinum is still a very strategic metal,” Sven Richter, who helps manage $3 billion of assets at Renaissance, said in a phone interview. “There have been issues of oversupply but I don't perceive that pollution controls are going to go away. So, especially if you're Chinese and you're thinking strategically, it must be very attractive.”

Jeffrey Rhodes, global head of precious metals at INTL FCStone Inc., forecasts that platinum may climb to $2,000 an ounce by December, up 31 percent on its spot price of $1,527.25.

Mathidi of Momentum Assets said African Rainbow Minerals Ltd. may also be a potential buyer as it seeks to boost platinum's contribution to its net income, while Exxaro Resources Ltd. might study a deal to diversify into new metals.

African Rainbow, which owns platinum mines with Russia's OAO GMK Norilsk Nickel, Anglo and Impala, said in February it appointed banks to advise it on potential platinum deals.

Eoin Treacy's view

My view – We have long defined the secular bull market in commodities in terms of the rising cost of marginal production. This has been amply illustrated across the complex, with oil, tin and platinum making headlines recently for the historically high nominal cost on which new production depends.

Platinum in particular has made headlines because of the regrettable violence that has broken out between competing unions and the police. However, the fact that platinum mines were already shuttering capacity because they had become uneconomic at today's prices is perhaps more noteworthy. While this represents a challenging environment for platinum miners, the outlook for the metal price over the medium-term is positive.

If one were to adopt a medium to long-term perspective, platinum miners are attractive as acquisition targets near current levels. The great question with regard to South Africa is whether threats of nationalisation are credible. I find it positive that those calling most noisily for government control are not in fact part of the government. It that changes, the risk premium will increase substantially.

Lonmin's performance has diverged from the majority of platinum miners by continuing to trend towards the 2008 nadir. The majority of platinum miners have at least paused, but will need to break their progressions of lower rally highs to signal returns to demand dominance beyond the short term. (Also see Comment of the Day on July 26th)