London, June 28: Platinum rode scant supply and robust demand from the jewellery, high-tech and car industries to another 11-year peak on Tuesday.Platinum fixed in London at $580 a troy ounce, its highest fix since December 1988, but it sagged in the afternoon to fix at $564 a troy ounce. Still, dealers and analysts said the brisk demand and uncertain supply suggested it could climb further."I wouldn't be surprised to see $600 in the next week or so," a platinum group metals dealer said. "There is a little more room on the upside. Certainly the downside is limited."
Platinum has hit a series of 11-year fixing highs since last Thursday morning, edging higher as Russia, which typically furnishes 20 to 25 per cent of global annual supply, has kept exports subdued because its once large stockpile has shrunk.
"There's a constant demand for the metal and recently inventories have been periodically reduced, causing the price to spike," another trader said.
-- (Reuters)
Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.