Platinum Hits 30-Month High


"A risk assets rally and gains in copper gave platinum an added boost."

Platinum was the star of today's precious metals market, having hit its highest level since July 2008, helped by a general rally in risk assets highlighted by copper hitting a new record.

Spot platinum was up $25 at $1,843/oz., while palladium was also higher, rising $7 to $817/oz.

China's consumer price index inflation data, due at 0200 GMT Thursday, is likely to be the next cue for precious metals, with a CPI reading stronger than November's 5.1% rise from a year earlier likely to prompt some selling.

An unconfirmed report from Hong Kong-based broadcaster Phoenix TV suggested China's consumer price inflation had slowed in December to 4.6%, helping to fuel Wednesday's rally in risk assets like platinum.

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