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Platinum Dips Below $1,000, Lead Returns to Bear Mode

July 17, 2015 at 19:02 by Vladimir Vyun

All precious metals were falling today, but it was platinum that had somewhat of a historical event as it fell below the $1,000 for the first time since February 2009. Output from South Africa should come to norm following last year’s miners’ strikes, meaning increasing supply to the market. At the same time, demand for China, the major metal’s user, was limited due to the economic slowdown. Spot price for platinum dipped 1.04 percent to $999.95 per ounce as of 18:46 GMT on COMEX today.

It seems that lead reentered the bear market following the rally earlier this year. The metal was rising following the surprisingly big drawdown from the London Metal Exchange stockpiles. Yet it looks like the metal will be returned back, meaning that 217,900 metric tons the inventories are close to level where they have started this year. The same goes prices that are near the $1,835 per ton level for the benchmark three-month contract following the surge to $2,162 in May. According to reports, there is a surplus of the metal, meaning that prices have few reasons to go up.

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