15 percent of the global mine supply based on 2010 data, CPM Group metals analyst Erica Rannestad said. It also produces about 7.5 percent of total global mine supply of palladium.

UBS metals analyst Edel Tully told clients in a research note that the situation is volatile but appears closer to resolution. "Therefore, in our view, platinum prices are not deserving of taking on a further South African premium," the analyst wrote.

Other commodities were mostly higher as investors sorted through a batch of news, including Greece's new bailout package, a stronger report on U.S. home sales and a slightly weak report on manufacturing in China.

Investors are concerned that the multi-billion dollar funding package may not be enough to keep Greece from a default next month. As part of the deal, private sector bondholders will be asked to forgive $141 billion in Greek debt by taking a 53.5 percent loss on the face value of their bonds and accepting longer repayment periods and lower interest rates.

Gold for April delivery rose $12.80 to end at $1,771.30 an ounce, which was a high for the year.

In March contracts, silver fell 17.5 cents to end at $34.254 an ounce, copper fell 0.3 cent to $3.8335 per pound and palladium increased $7 to $717.75 per ounce.

Benchmark oil rose 3 cents to finish at $106.28 per barrel on the New York Mercantile Exchange. Heating oil increased 3.02 cents to end at $3.265 per gallon, gasoline futures rose 1.45 cents to $3.263 per gallon and natural gas ended up 1.7 cents at $2.643 per 1,000 cubic feet.

In March agriculture contracts, wheat rose 11.5 cents to $6.445 per bushel, corn increased 8.75 cents to $6.3825 per bushel and soybeans ended up 1.25 cents to $12.7225 per bushel.