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Decline of Platinum & Copper

September 4, 2009 at 22:15 by Vladimir Vyun

Platinum drops, following gold and silver decline, as a rebound dollar cut demand for precious metals as a hedge against inflation. Some investors sell platinum when the dollar rises. Most platinum is used in emissions-control parts for cars and trucks, and also as jewelry. October futures for platinum delivery slid $4.40 (0.4 percent) to $1,249.40 per ounce as of 11:04 on NYMEX.

Copper fell in New York as the U.S. unemployment rate in the U.S. rose, signaling a decline in demand. Consumers, concerned with possibility of losing their jobs, rein in spending as jobless rate rise faster than predicted and is heading to 9.5 percent. However, the market is bullish as any decline in copper prices may lead to a consumption growth. December futures for copper delivery dropped $0.005 (0.2 percent) to $2.86 per pound by 12:43 on the New York Mercantile Exchange’s Comex division.

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