Market Updates

Platinum Surges

Ivaylo
21 Nov, 2006
New York City

    Industrial demand for platinum usage in catalytic converters and electronics has been supportive for the market. There has been a steady influx of demand, while supply is rather tight, relative to demand. Demand for auto catalysts was forecast to rise 15% this year. Gold, as well as silver slipped yesterday, while palladium advanced. Arabica coffee and raw sugar settled higher, while oil prices declined below $59 a barrel.

[R]5:00AM Platinum futures soared on Monday, gold and silver dipped.[/R]
January platinum contract gained $42.20 to end at $1,234.30 an ounce on the NYME. December palladium rose $5.10 to $323.05 an ounce. December gold settled down 40 cents at $622.10 a troy ounce, while December silver gave up 6 cents to $12.74. The most-active December copper contract slipped 1.60 cents to settle at $3.0415 per pound.

January crude oil declined 17 cents to $58.80 a barrel. December heating oil advanced 0.19 cent to $1.6708 a gallon. December gasoline edged 1.32 cents higher to close at $1.5543 a gallon. December natural gas settled down 16.0 cents at $8.019 a million British thermal units.

On the New York Board of Trade, December Arabica coffee futures closed 2.05 cents higher at $1.1515 a pound, with most-active March up 1.80 cents at $1.1975. Futures on raw sugar in foreign ports for March moved 0.14 cent higher to finish at 11.49 cents a pound, with May up 0.12 cent at 11.62 cents.

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