05.08.2015 - Platinum falls to six-year low on China concerns, but gold holds steady
Platinum fell to a six-year low and palladium reached the lowest level since 2012 on speculation that supplies are ample amid slowing demand from China. Gold was little changed. BMW AG has cut production this year by 16,000 cars in China and may revise profitability goals amid slowing sales, the Munich-based manufacturer said Tuesday. The country accounts for at least 23 percent of global demand for platinum and palladium, which are mainly used in catalytic converters that curb harmful auto emissions, Johnson Matthey estimates. Commodities have slumped as China's economy expands at the slowest pace in 25 years, leading to gluts in metals, crops and energy. Platinum mine output is rebounding in top producer South Africa after a five-month strike last year...............................................Full Article: Source
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