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Platinum Futures Hit Two-Week High on Supply Concerns
Oct. 07, 2015 10:58AM PST
Precious Metals InvestingBloomberg 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.