(Bloomberg) -- Platinum rose for the first time in five
sessions in London as industrial buyers deemed that a drop to the
lowest in eight weeks yesterday was exaggerated. Palladium fell.
Platinum, used in jewelry and car exhaust systems, fell to
$1,253.75 an ounce yesterday, the lowest since April 10, partly
on fading prospects for investment demand to soak up increased
supplies of the metal. Prices have dropped 3.1 percent since
securities backed by platinum were introduced on April 24 on the
London Stock Exchange followed by the SWX Swiss Exchange. The
metal rose to a record $1,402.50 an ounce in November on
speculation the so-called ETFs would put a squeeze on supply.
Read more at Bloomberg Commodities News
sessions in London as industrial buyers deemed that a drop to the
lowest in eight weeks yesterday was exaggerated. Palladium fell.
Platinum, used in jewelry and car exhaust systems, fell to
$1,253.75 an ounce yesterday, the lowest since April 10, partly
on fading prospects for investment demand to soak up increased
supplies of the metal. Prices have dropped 3.1 percent since
securities backed by platinum were introduced on April 24 on the
London Stock Exchange followed by the SWX Swiss Exchange. The
metal rose to a record $1,402.50 an ounce in November on
speculation the so-called ETFs would put a squeeze on supply.
Read more at Bloomberg Commodities News
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