By Dave McCombs

Jan. 29 (Bloomberg) -- Platinum futures rose to a record in Tokyo as a power shortage in South Africa, the world's biggest producer of the metal, kept mines shut and raised concern supplies will fail to keep pace with demand.

Anglo Platinum Ltd., the world's largest maker of the metal, yesterday said it kept its South African mines shut as power supply was cut for a fourth day. Investors were also lured to platinum as a haven against a weakening currency as the dollar dropped to an almost two-week low against the euro.

``If no one goes down the mine, no platinum comes up and with supplies already tight, it's going to rally,'' Jonathan Barratt, managing director of Commodity Broking Services in Sydney, said today by phone. ``The supply issues aren't going to go away anytime soon.''

Metal for December delivery gained 120 yen, the exchange- imposed daily limit, to a record 5,555 yen a gram ($1,619 an ounce) as of the 11 a.m. break on the Tokyo Commodity Exchange.

Platinum for immediate delivery rose as much as $12.25 to a record $1,738.75, a 0.7 percent advance from late New York trading yesterday. It traded at $1,721 an ounce as of 11:18 a.m. in Tokyo.

Eskom Holdings Ltd., South Africa's state power utility, may decide later today whether Anglo Platinum and rivals can resume output following the power shortage.

Lost Production

Impala Platinum Holdings Ltd., the world's second-largest producer, has said it's losing about 3,500 ounces a day because of the shutdown, which began Jan. 25.

Platinum rallied 34 percent last year as demand increased and production in South Africa declined on accidents and strikes at mines, causing a supply deficit. Stricter government controls over vehicle emissions are boosting the use of platinum in exhaust filters.

Supply of the metal, used in jewelry and car catalysts, will be in deficit by 30,000 ounces by the end of the year, compared with 265,000 ounces last year, assuming the three biggest African miners increase production, Investec Ltd., a London-based investment bank, said earlier this month.

World platinum production last year fell short of demand by the biggest gap since 2003, precious metals refiner Johnson Matthey Plc said Nov. 13.

The dollar yesterday weakened to $1.4798, the lowest level since Jan. 16. It was at $1.4759 as of 11:30 a.m. in Tokyo.

To contact the reporter for this story: Dave McCombs in Tokyo at dmccombs@bloomberg.net .