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Spot platinum prices remain at a six year low, Business Day Live reported. Prices for the metal have fallen 11 percent so far in 2015.
Spot platinum prices remain at a six year low, Business Day Live reported. Prices for the metal have fallen 11 percent so far in 2015.
As quoted in the publication:
Platinum and palladium fell sharply in the second quarter of this year, dropping 5.5% and 8.5%, respectively. So far this year, platinum is down 11% and palladium has given up 15%.
Platinum group metals are mainly used in vehicle parts designed to reduce air pollution.
At 12pm, the platinum spot price was $953.78/oz, from a close of $948.80 on Wednesday. This marked the first rise in the price after five consecutive days of declines.
Despite this gain the platinum index on the JSE was down 1.37% at the same time. Shares in the world’s third-largest platinum producer, Lonmin, did not take heart from the rise in the spot price, and were down 7.05% to R8.31.