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LONDON, March 11 (Reuters) - Platinum holdings in physicallybacked exchange-traded funds have hit a record high after freshinflows into funds listed in London and Johannesburg, and areset to rise further as a strike in major producer South Africagrinds on.
The world's largest platinum-backed ETF, NewPlat ETF reported an inflow of around 4,000 ounces on Monday,taking its holdings to a near seven-week high at 908,811 ounces.
On the same day, London-based ETFS Physical Platinum reported an inflow of 4,505 ounces, taking its holdingsto just under 325,000 ounces.
Platinum ETFs, popular investment vehicles which issuesecurities backed by physical metal, now hold a record 2.215million ounces, equivalent to around seven months of supply.
The white metal, used in catalytic converters forautomobiles, has attracted investors as a strike over wages inthe South African platinum belt edges towards a seventh week,analysts said.
"In terms of ETFs, you've got to think that the longer thestrike goes on, and as above-ground stocks are consumed, it'sgot to be positive," Citi analyst David Wilson said. "Peoplemust be thinking that prices are going to rise."
Platinum prices initially reacted only marginally tothe strike, but by last week they had risen to a six-month highat $1,486 an ounce, up 8 percent from the start of the year.
Preliminary orders for the NewPlat ETF, which is listed inSouth Africa by Barclays unit Absa Capital, suggest its holdingswill hit a record high around 944,000 ounces later this week.
NewPlat is less than one year old, having launched in April2013, but had become the world's largest platinum ETF in justfour months.
Analysts say the fund proved popular with South Africaninvestors seeking exposure to platinum without having to buytroubled mining stocks, which have suffered from a toxic mix ofrising costs, labour unrest and weak demand for their products.
Absa's head of investments, Vladimir Nedeljkovic, said newinflows into the fund largely represented buying by existing,rather than new, clients.