Today’s Chinese, German Data Bullish for Platinum

Bloomberg reported that Chinese and German economic data showing that exports have rebounded is bullish for platinum as it indicates that metals demand will likely see a boost.

As quoted in the market news:

‘Today’s strong economic data out of Europe and China is very bullish for platinum,’ Adam Klopfenstein, a senior market strategist at Archer Financial Inc. in Chicago, said in a telephone interview.

On the New York Mercantile Exchange, platinum futures for October delivery jumped 3.5 percent to $1,488.70 an ounce at 10:53 a.m., heading for the biggest gain since June 29, 2012. Through yesterday, prices fell 6.7 percent this year.

Click here to read the full Bloomberg report.