Indonesian Political, Business & Finance News

Platinum metals fall from record highs

| Source: REUTERS

Platinum metals fall from record highs

LONDON (Reuters): Platinum and palladium fell from their recent record highs on Thursday morning, but dealers said they could easily rally again if more rumors about Russian exports surface.

Palladium fixed at $830.00 a troy ounce on Thursday morning, down $22 from Wednesday afternoon's fix while platinum fell $18 to $590.00.

Spot palladium was indicated at $820.00/$835.00 at 0957 GMT from $849.15/$864.15 at Wednesday's New York close, and platinum was at $583.00/$593.00 from $603.20/$613.20.

On Wednesday Russia's biggest producer Norilsk said it would start to sell platinum and palladium to Japan in September or October.

"We believe that a normally illiquid market has become aggravated following a protracted period of high lease rates this year (arguably worse for platinum) which has forced miners/fabricators and industrials alike to sell surplus metal, buy back on leases and reduce the small amount of slack normally seen in the supply chain," Ross Norman of TheBullionDesk.com said, meaning that small amounts of buying had an exaggerated impact on prices.

Gold drifted lower within range on Thursday morning, still reacting to currency movements in the absence of impetus of its own.

Spot gold was indicated at $277.40/$277.90 at 1006 GMT from $276.80/$277.50, and is still seen with support at $275.00/$275.25.

MKS Finance in Geneva said the metal could gain if the Australian dollar continues steady against the U.S. dollar.

Silver remains in a narrow range just below $5.00, indicated at $4.96/$4.99 from $4.97/$4.99 at 1010 GMT.

View JSON | Print