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. Last Updated: 07/27/2016

Platinum Hits 13 Year High

LONDON — The price of precious metal platinum rose to its highest levels in 13 years in world commodity markets Wednesday, belatedly responding to recent all-time highs in sister-metal palladium, traders said.

Platinum was hit by profit-taking late and closed at $615.10/$621.10, having earlier hit a 13-year fix high of $625.

Traders said Asian investors had stepped up buying of platinum, spurred by a record-breaking rally in palladium and a stronger dollar, but added the metal was unlikely to go higher in Europe despite suggestions that buyers might turn to platinum as a substitute for palladium in autocatalysts.

Analysts said $625 remained a formidable resistance level for platinum and the market would require a weaker U.S. dollar or perhaps palladium at $1,000 to push through these levels.

In palladium, dealers fear Russian supplies could be disrupted for the fifth year running in 2001 because of diplomatic wrangling despite assurances that contracts are being prepared to ensure prompt new year shipment.