Platinum Rises Nearly Three Percent

Reuters reported platinum rose almost three percent on Wednesday, its biggest one-day rally in a month.

As quoted in the market news:

Machete-wielding strikers forced No. 1 platinum producer Anglo American Platinum to shut down some South African operations, widening the labor unrest sweeping the country’s mines. South Africa has 80 percent of the world’s platinum reserve.

The price of platinum, mostly used as an autocatalyst to clean auto emissions, has soared 11 percent in the last eight sessions. The metal’s relative strength index (RSI) rose above 80 on Wednesday to its most overbought level since early 2008.

Click here to read the full Reuters report.