Platinum Falls as Carmaker Demand May Weaken; Palladium Steady

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April 21, 2009 10:50am ETF BASIC NEWS

platinum3April 21 (Bloomberg) — Platinum fell to a two-week low in New York on speculation that automakers, the biggest users of the metal, may buy less as car sales decline. Palladium was little changed.

U.K. auto sales show no sign of a recovery, the country’s main industry group said. Registrations fell 31 percent last month and “it’s not looking any better in April,” Paul Everitt, head of the Society of Motor Manufacturers & Traders, said in an interview. U.S. auto sales tumbled 37 percent in March. Most platinum and palladium is used in car parts.

“The fundamentals still remain weak overall from the auto sector,” Miguel Perez-Santalla, a sales vice president at Heraeus Precious Metals Management in New York, said in an e- mailed note.

Platinum futures for July delivery fell $11.10, or 1 percent, to $1,156 an ounce at 10:20 a.m. on the New York Mercantile Exchange. Earlier, the price touched $1,153, the lowest for a most-active contract since April 7. Before today, the platinum dropped 44 percent in the past 12 months.
 
Full Story: http://www.bloomberg.com/apps/news?pid=20601012&sid=aWlQmyL5_HGs



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