Platinum gains on demand hopes
by Elaine Frei
Platinum saw gains on Tuesday on the possibility that demand for use in automobile pollution control devices after Toyota Motor (TYT: 7201.T; NYSE: TM; LSE: TYT) and Honda Motor (TYO: 7267; NYSE: HMC) both said production was up in July.
The price of October platinum added $8.30 in New York to $1,260.60 per troy ounce in afternoon trade.
Other precious metals were lower on the session.
December gold dropped $2.70 to $673.50 per troy ounce on fears that demand will decline as equities markets began to see losses again, while December silver remained steady at $11.92 per troy ounce.
Earlier in the session, December palladium was down $6.45 to $330.50 per troy ounce.
Meanwhile among base metals, December copper fell 4.35 cents to $3.31 per pound as consumer confidence was reported down in the US in August and as London Metal Exchange inventories added 10,075 tonnes to 135,625 tonnes during the day.
LME three-month copper was $40 lower to $7,275 per tonne.
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