Anglo Platinum, world’s top platinum producer, although expected that there will be an undersupply of of platinum in 2010 has deemed otherwise. Now the company expects to produce more than its forecasted 2.5 million ounces of platinum this 2010. Chief executive of Anglo Platinum, Neville Nicolau is quoted saying: “We have had as a strategy [...]
July PLN9 dipped $17.90, or 1.5 percent, at $1,203 an ounce, taking the lead from weaker crude oil. For full story, click here
Spot platinum at $1,264 an ounce, up 1.4 percent from its previous session. For full story, click here
July platinum surged $25.60 to $1,122 an ounce. For full story, click here
NYMEX July platinum strengthened $12.40 cents to $1,187.40 an ounce. For full story, click here
The sharp retreat of the stock market, combined with a higher US dollar has triggered a broad sell-off in the precious metals. Spot platinum slipped to a session low of $794.50 an ounce, down 8.8 per cent from $871.50 an ounce late on Friday.
Platinum has been on a steady downgrade, falling since trading at a record $2,301.50 an ounce in March. A poor economic outlook eroding demand for jewelry and cars is responsible for the metal's flop.
Platinum prices advanced further Tuesday after surging oil prices boosted the precious metal’s appeal as a hedge against inflation. Overall weakness in the dollar, the recovery in equities and fresh optimism over the economic outlook sparked buying of commodities in earlier trade.
Platinum plunged to a new low on Tuesday, dropping below $1000 an ounce for the first time since 2006. Platinum dropped $96.00, or 8.8%, to hit $994 on the London Metal Exchange. At its current price platinum is down 57% from its record high of $2301.50 hit on March 4th.
Platinum started the week off on a good note, prices rose more than 3 percent as the greenback weakened and a renewed optimism on platinum’s future market returned to analysts.
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