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Will Platinum Reach $1,662? Cattle Rises on Low Supplies

March 17, 2010 at 20:13 by Vladimir Vyun

Analysts think that platinum may soon touch $1,662 per ounce. Forecast reverted to bullish after price exceeded $1,617 level, highest in the previous week. Analysts predict that the next higher resistance level will be $1,704. Platinum traded at $1,637.53 as of 10:19 in London.

Cattle futures gained for the fifth straight session on concern that dwindling stockpiles will boost prices for the U.S. beef. Adverse weather impeded weight gain of cattle. Cattle futures also rose on speculation that recovering economy will spur demand for a meat. June futures for cattle delivery gained $0.00275 (0.3 percent) to $0.939 per pound by 11:28 on the Chicago Mercantile Exchange.

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