The threat of a year of industrial action at South Africa's platinum mines will not affect the market for the metal, the chief commodities analyst at HSBC has told CNBC.

South Africa's main platinum producers, Anglo American Platinum, Lonmin and Impala Platinum, were served with strike notices recently, along with some of the country's gold producers. Union members are demanding a minimum wage of 12,500 rand ($1,153) a month, which is around double their current pay.

HSBC's James R. Steel told CNBC that he had envisaged industrial stoppages this year and that he was still bullish on both platinum and palladium, regardless of industrial action.

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"The underlining supply and demand fundamentals are still tight in the market…and industrial action will push the price higher, but our fundamental view is not based on a lot industrial action or continued industrial action in South Africa," he said.

Many analysts have cautioned over a long rally in platinum prices, with strike concerns now priced in to the metal. Spot platinum gained on Monday after the announcement from the South African unions, although the price was down by 1 percent Tuesday.

Steel also stressed that platinum producers in South Africa were ready for strikes and had a good stockpile prepared for the worst. In HSBC's "Metals Quarterly" for the first quarter of 2014, the firm estimated that platinum prices will average $1,595/oz in 2014 and $1,850/oz in 2015.

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