Commodity Blog |
Oil & Platinum Prices Fall on Europe Posted: 29 May 2012 11:08 AM PDT Crude oil erased its earlier advance today on worries that the European Platinum also fell today, but it may yet rebound in the near future as diminished supply trails growing demand. Supply of the precious metals is decreasing as labor strikes and safety concerns were disrupting mining in South Africa. Barclays Plc estimated that production will drop 4 percent to 6.14 million ounces this year. The annual surplus will shrink by 90 percent to 37,000 ounces, as a result. At the same time, car sales may reach a record this year. Automobile industry consumes a significant portion of global platinum output. On the other hand, some analysts say that demand for cars should wane as the global economic growth slows. Whatever the future hold for platinum, today the metal dropped, following two days of gains. Platinum was down from $1,439.70 to $1,426.00 per ounce today on COMEX. |
Commodity Prices — May 29th 2012 Posted: 29 May 2012 10:13 AM PDT Latest commodity prices (ICE, NYMEX, CME) as of 17:12 GMT: Oil (Brent) — $106.53 per barrel. |
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