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發表於 2009-7-9 16:00:19
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Platinum Falls to Two-Month Low as Lingering Slump Dims Outlook
Platinum slid to a two-month low on concern that the lingering recession may hurt demand for the metal mostly used in car parts. Palladium also fell.
The global economy will contract 1.4 percent this year, deeper than forecast in April, and a sustained recovery may be a year away, the International Monetary Fund said today. The world’s first global recession since World War II began in December 2007. Crude oil slid for a sixth session, while the dollar strengthened. Some investors use oil to gauge inflation.
“There is less demand for platinum-group metals,” Bernard Sin, head of currency and metals trading at Swiss refiner MKS Finance SA, said by TELephone from Geneva. “There was also some stop-loss selling” by investors in Asia today, he said.
Platinum futures for October delivery fell $34, or 3 percent, to $1,101.80 an ounce on the New York Mercantile Exchange. Earlier, the metal touched $1,094.40, the lowest for a most-active contract since May 4.
Platinum for immediate delivery in London dropped $36.75, or 3.2 percent, to $1,097.50 an ounce at 7:25 p.m. local time, after earlier reaching $1,091.60, also the lowest since May 4.
Precious metals dropped partly because of “weak physical and investment demand,” Tom Pawlicki, an MF Global Inc. analyst in Chicago, said in a note. Gold and silver also tumbled to two- month lows in New York.
Palladium futures for September delivery declined $6.40, or 2.7 percent, to $234.10 an ounce in New York. The most-active contract has gained 24 percent this year, while platinum is up 17 percent.
Palladium ‘Holding On’
“Palladium is holding on better, though we expect that it is only a matter of time” before the cheaper metal’s decline widens, Miguel Perez-Santalla, a Heraeus Precious Metals Management sales vice president in New York, said in a note.
A weaker economy may cut demand for precious metals with broad industrial applications. Automakers account for about 60 percent of platinum and palladium use, according to London- based metals researcher, refiner and trader Johnson Matthey Plc.
The world’s most advanced economies will lead the slump this year, contracting 3.8 percent, the IMF forecast. They will grow 0.6 percent in 2010, up from April’s no-growth projection.
The U.S. economy, the world’s biggest car market, will contract 2.6 percent this year and expand 0.8 percent in 2010, the IMF said. In April, the Washington-based lender forecast U.S. growth to stall next year.
The U.S. Dollar Index, a six-currency measure of the greenback’s value, gained as much as 0.3 percent, heading for a fifth straight gain and the longest rally since April 20. Precious metals often fall when the dollar rises. |
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