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Platinum edges lower
Platinum edged lower to fix at $ 614 a troy ounce, down from Monday's fixes at $ 616 / 620 but spot lingered around $ 613 / $ 620 as the market shrugged aside planned changes in Russian export rules. President Vladimir Putin is likely to sign a decree soon allowing Russian platinum group metals holders to obtain multi year export permits, instead of yearly ones.
The head of Gokhian said on Tuesday Russia's metals giant, Norilsk Nickel was likely to get a multi year platinum export quotas to go with the palladium one it already holds.
Palladium fixed at $ 655 a troy ounce, unchanged from Monday and Friday's afternoon fixes. Spot was trading quietly at $ 650 / $ 665.
Platinum selling interest
Platinum was continuing its gradual slide towards key support at
$ 600 - last indicated at $ 605.00 / $ 615.50 against $ 610.50 /
$ 620.50 in New York on Monday.
"Platinum is moving lower, as there is selling interest around," said Mobashar Ahmed, Chief Analyst for futuresdata.net.
Short terns forward should remain firm, but lending may come in the longer dates. The forward market was quiet, with rats mostly unchanged. The month was last indicated around 25 %.
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