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Bloomberg reported that platinum futures hit their highest price in two weeks, on supply concerns for the metal. According to the publication, platinum futures for January delivery touched a two week high of $955.50 per ounce on the New York Comex, and were trading at $944.90 by 10:22 a.m. EST.
Bloomberg reported that platinum futures hit their highest price in two weeks, on supply concerns for the metal. According to the publication, platinum futures for January delivery touched a two week high of $955.50 per ounce on the New York Comex, and were trading at $944.90 by 10:22 a.m. EST.
As quoted in the publication:
Zimbabwe, the world’s third-largest producer of the mined metal, asked Impala Platinum Holdings Ltd., Anglo American Platinum Ltd. and other companies to reduce electricity consumption by 25 percent amid a water shortage that’s cut hydropower supply.
Platinum dropped to a six-year low last week as ebbing economic growth in China and prospects for lower sales of diesel cars spurred demand concerns for the metal, used in auto pollution-control devices. Prices are heading for a fourth straight gain, helped by trader expectations that the Federal Reserve will hold off on tightening U.S. monetary policy.