Platinum prices lower in New York

The price of platinum was lower in New York Monday, along with most other precious metals, after equities markets saw gains.

Rising equities made precious metals a less enticing alternative investment, although palladium managed a gain even though demand is expected to decline after reports from Europe said that car registrations there dropped 18 percent in February in an indication that car sales there continue to decline.

Palladium and platinum both are used in the manufacture of pollution control device for cars and trucks.

Platinum for April delivery ended the session in New York down $14.20 to $1,049.40 per troy ounce, while June palladium managed a gain of 25 cents to $200.25 per troy ounce.

Meanwhile, April gold was $8.10 lower to $922 per troy ounce and May silver dropped 33 cents to $12.89 per troy ounce.

May copper, on the other hand, added 8 cents to $1.75 per pound while three-month copper added $84 to $3,830 per tonne in London as London Metal Exchange inventories fell 2,775 tonnes during the session to 494,850 per tonne.

The rally in equities markets also helped copper prices, as did a report that China’s imports of the metal were up by 53.5 percent from a year earlier in January and February.

Aluminium added $11 to $1,358 per tonne in London even as stockpiles added 5,350 tonnes to almost 3.4 million tonnes, a new record, as prices were helped by a smaller drop in manufacturing in February than was recorded in January.

Zinc, nickel and lead were all also higher, but the price of tin fell.