Platinum leads precious metals higher

Platinum hit a record high of $1,741 per troy ounce on Thursday before sliding back to $1,737.40 per troy ounce in New York, still a gain of $50 on the session.

The gains came after the South African state-owned electricity utility could not deliver as much power to mines in that country as had been promised after several days of shutdowns due to power shortages there.

March silver was also higher, adding 24 cents to $17 per troy ounce while April gold added $2.20 to $928.50 per troy ounce.

Base metals prices were also higher.

March copper added 7 cents to $3.30 per pound in New York while three-month copper on the London Metal Exchange was up $155 to $7,315 per tonne on shutdowns due to bad weather in China that sent prices up despite gains in LME inventories.

Three-month nickel added $251 to $27,501 per tonne in late afternoon trade in London, while aluminium was up $72 to $2,712.50 per tonne after going up to $2,717 per tonne earlier in the day, lead was $95 higher to 2,825 per tonne, zinc added $160 to $2,510 per tonne and tin gained $250 to $16,975 per tonne.

The price of crude oil fell slightly on Thursday as concerns continued that the US economy is teetering on the brink of recession, hurting demand after last week’s gasoline demand in the US was reported at its lowest in two years.

West Texas Intermediate Crude for March delivery was 58 cents lower to $91.75 per barrel just before the close of floor trade on the New York Mercantile Exchange, while March contracts for Brent crude fell 46 cents to $92.07 per barrel on the ICE Futures Europe exchange in London.

Nymex March gasoline was down 5 cents to $2.33 per gallon and March heating oil fell 1 cent to $2.53 per gallon but March natural gas added 3 cents to $8.07 per million British thermal units.

Grain prices were mixed again as March soybeans on the Chicago Board of Trade dropped 1.25 cents to $12.74 per bushel but March corn added 2.75 cents to $5.01 per bushel and March wheat gained 7 cents to $9.29 per bushel.

Story link: Platinum leads precious metals higher