Wednesday December 19, 2007

Platinum price hits a record high

miningmx.com :

Platinum set a record high on Tuesday [18 Dec 2007] as strong industrial demand and market tightness prompted speculators and consumers to heavily buy the metal. Spot platinum rose as high as $1,505 an ounce and was quoted at $1,505/1,510 an ounce by 1051 GMT, compared with $1,494/1,498 in New York late on Monday.

Supply disruptions following deadly mining accidents in South Africa, the world's main platinum producer, and growing investor demand for the metal, mainly used in jewellery and to clean car exhaust fumes, have supported prices this year. The market tightness also rose with strong inflows of the metal into exchange-traded funds. Platinum held by London-based ETF Securities has surged to 105,000 ounces from around 35,700 ounces in early November, industry sources said.

(2007-12-19 13:04:26 SGT) [Biz] Permalink

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