The South African virus caused supply panic and led to a rise in platinum prices.

The emergence of a new coronavirus strain in South Africa could have a significant impact on precious metals. Platinum closed at its highest close in more than four years on Tuesday, while palladium hit a nearly 10-month high, analysts said because of concerns that a ban on flights from South Africa could disrupt logistics.

The mutation is driving a surge in infections in the world's largest platinum producer, raising concerns that shipments of metals used in car pollution controls may fall and the market expects production to fall short of demand.