Party for Platinum over for Now - JP Morgan Cuts Price Forecast

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The investment bank cut its 2008 price target for platinum to $1,885 an ounce from $2,156 and for 2009 to $1,650 from $1,981.

JPMorgan cut its price forecasts for platinum group metals and targets for producers, due to worsening economic conditions, it said on Monday.

"We think the party may be over for platinum for now," a research note from Johannesburg-based analysts Steve Shepherd and Allan Cooke said. "Notwithstanding a wide range of uncertainties, we're not altering our positive longer-term views."

The investment bank cut its 2008 price target for platinum to $1,885 an ounce from $2,156 and for 2009 to $1,650 from $1,981. The spot platinum price has slid 13 percent to $1,745 over the past two weeks.

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