Platinum prices could surge a further 15 per cent to a record $2,500 an ounce within the next six months as disruptions to production in South Africa lead to a “substantial” supply deficit this year, one of the biggest users of the metal has forecast.

The price of platinum, a key ingredient in cars’ tailpipe catalysts, has already surged 50 per cent since January after power shortages in South Africa, the world’s largest producer, forced miners to cut their operations.