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PRECIOUS-Platinum snaps 7-day rally but supply concerns support
January 17, 2013 / 12:56 AM / 5 years ago

PRECIOUS-Platinum snaps 7-day rally but supply concerns support

SINGAPORE, Jan 17 (Reuters) - Platinum edged lower on
Thursday, snapping a seven-day rally after workers at the
world's top producer, Anglo American Platinum, looked set to end
a walkout, but worries about supply shortages are likely to
limit the downside.
    
    FUNDAMENTALS
    * Spot gold was little changed at $1,679.95 an ounce
by 0037 GMT, holding on to gains made in the past three
sessions.
    * U.S. gold inched down 0.2 percent to $1,679.80.
    * Spot platinum lost 0.3 percent to $1,678.75,
hovering below a three-month high of $1,699.50 hit earlier in
the week. 
    * Spot palladium inched down 0.1 percent to $720.25,
easing from a near 16-month high of $724.50 hit in the previous
session. 
    * Anglo American Platinum (Amplats) miners will end
an illegal walkout from Wednesday night and want talks to
prevent further action, a labour leader said. 
    * Demand for new cars in recession-bound Europe fell to a
17-year low in 2012, leaving mass market manufacturers little
hope for this year as they try to cut costly excess factory
capacity and aggressive discounting dents their margins.
 
    * Platinum usage in Europe's automobile industry accounted
for 18 percent of the world's total demand for the metal in
2011, data from refiner Johnson Matthey showed. 
    * Persistent concerns over the health of the U.S. economy
and pressure on the dollar will send gold to a record average
high this year, said Thomson Reuters GFMS. 
    * Germany's central bank plans to bring home hundreds of
tonnes of gold, part of the reserves it kept in the United
States and France during the Cold War for safety from any Soviet
invasion. 
    * For the top stories on metals and other news, click
, or 
    
    MARKET NEWS
    * The S&P 500 ended nearly flat on Wednesday as solid
earnings from two major banks and a bounceback in Apple shares
offset concerns about a lower forecast for global growth in
2013. 
    * The euro struggled to regain its momentum on Thursday even
after a top European central banker sounded relaxed about its
recent run higher, while the yen hovered at one-week highs,
still underpinned by a wave of short-covering. 
    
    DATA/EVENTS (GMT) 
 1330 U.S. Housing starts          Dec                 
 1330 U.S. Building permits        Dec                 
 1330 U.S. Weekly jobless claims                       
 1500 U.S. Philadelphia Fed index  Jan                 
   
    PRICES
  
 Precious metals prices 0037 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1679.95    1.06   +0.06      0.32
  Spot Silver        31.44    0.02   +0.06      3.83
  Spot Platinum    1678.75   -4.50   -0.27      9.36
  Spot Palladium    720.25   -1.02   -0.14      4.08
  COMEX GOLD FEB3  1679.80   -3.40   -0.20      0.24         1673
  COMEX SILVER MAR3  31.47   -0.08   -0.24      4.09          397
  Euro/Dollar       1.3292
  Dollar/Yen         88.60
  COMEX gold and silver contracts show the most active months
 
 (Reporting by Rujun Shen; Editing by Edwina Gibbs)

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