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    market news

    Platinum Futures Rise to 10-week High

    Charlotte McLeod
    Dec. 27, 2013 04:23PM PST
    Precious Metals

    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.

    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.

    platinum futuresmarket news
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