Platinum hits new record high in New York

April platinum added $48.60 to $1,728.70 per troy ounce in New York after going as high as $1,733 per troy ounce earlier in the session as analysts predicted that production in South Africa as mines there remained closed and analysts predicted that supplies from those mines would be subject to interruptions for at least the next two to four weeks.

February gold was also higher as it gained $16.40 to $927.10 per troy on a declining dollar versus the euro when analysts predicted that the Federal Reserve will cut interest rates again later this week.

Meanwhile, March silver added 26 cents to $16.75 per troy ounce and March palladium which, like platinum, is used in the manufacture of pollution-control devices for motor vehicles, gained $5.90 to $391.35 per troy ounce.

Among base metals, March copper added 1 cent to $3.19 per pound in New York and three-month copper in London was $30 cents higher than Friday’s close to $7,060 per tonne.

West Texas Intermediate crude for March delivery added 33 cents to close at $91.04 per barrel while March contracts for Brent crude traded up 53 cents to $91.43 per barrel.

Nymex February gasoline and March heating oil each added 1 cent, to trade at $2.33 per gallon and $2.51 per gallon respectively, while March natural gas gained 10 cents to $8.05 per million British thermal units.

Prices were up on the assumption of another upcoming interest rate cut from the Fed and on rumors that while OPEC plans to hold production steady when it meets Friday in Vienna, it could be planning to cut production quotas at its March meeting.

Among grains prices, wheat was higher as shipping rates and the value of the US dollar both declined.

The price of March wheat on the Chicago Board of Trade added its daily limit of 30 cents to trade at $9.63 per bushel.

Corn and soybean prices were also higher, with CBOT March corn up 4 cents to 5.02 per bushel and March soybeans gaining 10.75 cents to $12.54 per bushel.

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