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. Last Updated: 07/27/2016

Platinum Correction




LONDON -- Platinum prices rose to their highest bid levels in two months in what traders said was a sharp correction to recent falls.


This week, Russia's sole exporter of platinum-group metals started offering platinum and rhodium to traders in Japan, driving the price lower.


In Friday morning trade, spot platinum was quoted at $523.00/$528.00 an ounce, the highest bid level since $529.00 on Feb. 22. New York's close Thursday was at $498.50/$503.50.


"The price fell back on the expectation of metal arriving, but that was an overreaction," said Ross Norman at Precious Metals Research.


Traders said there were no indications of significant amounts of the long-awaited shipments. "People are just correcting now, getting back to where they should be," said one London-based trader.