Bank of America Lifts 2010 Platinum Price Forecast


"Bank of America Merrill Lynch raised its forecast for platinum. . .citing constraints to mine supply."

Bank of America Merrill Lynch said it has raised its forecast for platinum prices in 2010 to an average $1,350 an ounce from $1,250 previously, citing constraints to mine supply.

Prices of the metal XPT=, predominantly used in autocatalysts, tumbled from the all-time high of $2,290 an ounce they hit in March 2008 as car demand slid in response to the economic slowdown.

It fell as low as $732.50 an ounce last October, but has since recovered as demand for platinum jewelry in particular rose in China, bolstering prices.

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