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Tuesday 02nd of December 2008
November 21, 2006

Metals prices gain on inventory declines


by Elaine Frei

Platinum prices were up on Tuesday as metals prices generally rose on a day of volatility in the metals markets.

Platinum ended the session 3.1 percent higher to $1,290 per troy ounce on continuing speculation that an exchange traded fund will be introduced for the metal after similar funds for gold and silver have met with notable success. At one point in the day, platinum had gained 11.5 percent to hit a new record price of $1,395 per troy ounce.

Elsewhere in precious metals gold added 0.7 percent to $626.50 per troy ounce, while silver gained 2.1 percent to $12.99 per troy ounce and palladium was 2.2 percent higher to $326 per troy ounce.

Base metals saw prices go up as well. Aluminium gained 0.8 percent to $2,676 per tonne even though inventories in London Metal Exchange warehouses dropped by over 6,000 tonnes. Copper was 1.5 percent higher to $6,940 per tonne. Zinc gained 2.9 percent to $4,290 per tonne as LME inventories fell to their lowest point since 1991, while nickel was up 3.5 percent to $31,300 per tonne on a decline of 168 tonnes in LME stockpiles.

Crude oil prices were up when foul weather in Alaska forced a halt in loading at Valdez. Brent crude January contracts added $1.06 to $60.04 per barrel, while January delivery West Texas Intermediate crude was 96 cents higher to $59.76 per barrel. Meanwhile, in Belgium, the head of the International Energy Agency said that he cannot see any reason for OPEC to cut production again in December, as inventories are merely comfortable.

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