Commodities for Thursday, April 11, 1985 : Platinum Leads Metals Rally
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Platinum futures led a rally in metals prices Thursday on the Commodity Exchange in New York, a signal to some traders that prices could be ready for a rally.
“The significant thing was the rally in platinum prices,” said Bill O’Neill, a metals analyst in New York with Rudolph Wolff Commodities.
O’Neill noted that platinum has gained $28 in relation to the price of gold in the past two weeks.
“Platinum always has served as a leading indicator for metals prices,” he said.
Other factors leading to strength in metals prices included anticipation that the Federal Reserve is unlikely to tighten credit after the decline reported Thursday in retail sales during March, O’Neill said.
In addition, nervousness about the strength of the U.S. dollar, which fell in trading Thursday against foreign currencies, stimulated buying.
Orange juice prices advanced moderately on the Cotton Exchange in New York after a report that two Mediterranean fruit flies had been found in Florida.
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