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For the first time in six years the price of platinum fell below USD 1070

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For the first time today on NYMEX price of platinum fell to USD 1069. The lowest price level since March 2009. The closing price on NYMEX on 19 June was USD 1086,8. Today, platinum fell by over USD 22.

The negative price development so far is explained by the declining interest in demand for the metal. The outlook remains weak, especially when expectations for a sharp increase in the production of South Africa and on to even greater growth in supply. This is combined with a drop in European production orders and consumption of the metal in Europe.

PlatinumH4-22june


 Varchev Traders
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