Platinum Futures Rise to 10-week High

Bloomberg reported that yesterday, platinum futures rose to $1,363.80 per ounce, their highest price in 10 weeks, as a result of speculation that a worldwide economic rebound will increase demand for the metal.

As quoted in the market news:

Platinum jumped as much as 3.8% to a two-week high at 8:20 a.m. New York time in the most-active trading of the session. The price will rally to $1,650 an ounce in 2014 as consumption surpasses output, a Bloomberg survey showed. Demand exceeded supply this year by the most since 1999, according to Johnson Matthey Plc.

‘There’s a deficit in platinum, and people probably have just realized how cheap it is,’ Dominic Schnider, the head of commodity research at UBS AG’s wealth-management unit in Singapore, said in a telephone interview. ‘Unlike gold, platinum benefits from a global economic recovery.’

Click here to read the full Bloomberg report.