Platinum gains as South African mines remain closed
by Elaine Frei
Precious metals prices were higher in New York on Tuesday as the US dollar returned to losses in relation to the euro.
Platinum was higher, with January platinum up $13.20 to $1,453 per troy ounce on tight supplies as mines remain closed in South Africa on a government order after a miner died in an accident.
Output from the closed mines has been cut by 1,300 ounces per day.
December gold was $3.10 higher to $763.10 per troy ounce, while silver for December delivery gained 10 cents to $13.20 per troy ounce and December palladium added $1.25 to $366.40 per troy ounce.
Among base metals, December copper was up 3 cents to $3.51 per pound as global equities markets recovered from Monday’s declines.
Three-month copper on the London Metal Exchange, meanwhile, added $35 to $7,795 per tonne as LME inventories added 425 tonnes on the session to bring stockpiles in storage to 151,525 tonnes.
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