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palladium

platinum advances to three-month high on production cuts

platinum surged to a three-month high, exceeding the price of gold for the first time since april, after the world’s largest producer said it will cut production. palladium reached a 10-month high and gold rose.

anglo american platinum ltd. (ams) said today it will idle four shafts in south africa, cutting output by 400,000 ounces a year, after a review of its operations. the reduction is equal to almost 7 percent of total global production. the metal is mainly used in pollution-control devices in cars and in jewelry, and barclays plc estimated last month that supply will fall short of demand by 38,000 ounces this year.

metals-w2w

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