Platinum soars to new heights, challenges $1,300/oz

New York (Platts)--11May2006

Platinum has reached a new all-time high on the NYMEX Thursday morning
and traders are apparently pushing hard to reach another major psychological
level -- the $1,300/oz mark.

With gold and silver prices soaring, platinum has gained extra momentum
as its makes new records. The nearby July platinum contract soared to an
intra-day high of $1,299.50/oz, but pulled back just at the brink.

At 10:16am, it was trading at $1,282/oz, up $22.30 from Wednesday's
settlement but down considerably from the day's high. Trading is brisk and the
market is likely to make another run for the $1,300/oz level before the day is
over, according to trade sources.

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