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. Last Updated: 07/27/2016

Platinum Metals Softer

LONDON -- Platinum and palladium prices fell in Wednesday's early European session on long liquidation as the market digested the latest announcement on possible exports out of Russia, traders said.

Norilsk Nickel said late Tuesday it had ordered its agent Almaz to sign sales contracts for PGMs, including platinum and palladium, with Japanese customers.

Overnight, however, Japanese traders said they had not yet been approached by Almaz.

Despite that, dealers seemed to be taking the announcement seriously, pushing the platinum price down through key support at $540. By Wednesday morning spot platinum was quoted at $535.00/$543.00 from a European close of $546.00/$554.00.