Platinum hits record highs

Spot platinum hit a record high at $1,543.00 an ounce in Europe on Wednesday, tracking a rally in gold prices, traders said.

The metal was quoted at $1 543/1 547 an ounce by 1503 GMT (17:03 South African time), compared with $1 520/1 525 in New York late on Monday

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Platinum Futures Drop in Tokyo Trading as Stock Rout Cuts Risk Appetite

(Bloomberg) -- Platinum futures fell in Tokyo for a
fifth day as a rout in global equities and declines in prices for
other commodities dulled investors' demand for risk.

Asian stocks fell the most in four months on concern a
worsening U.S. housing recession would damp global growth. Copper
declined for a fourth session in New York, the longest slump in
more than a month, while crude oil had its biggest plunge in four
months yesterday.


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Platinum Futures in Tokyo Little Changed Near Record High on Wage Talks

(Bloomberg) -- Platinum futures in Tokyo were little
changed after South Africa's National Union of Mineworkers said
Anglo Platinum Ltd. will probably improve its pay offer.

Anglo, the world's biggest producer of the metal, and the
union have been in wage talks since May, raising concern a strike
may cut supply or a pay increase would push up mining costs. The
company will revise its offer to increase pay by as much as 10
percent on July 26, NUM negotiator Oupa Komane said on July 20.


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Platinum Rises as Lonmin Delay Erodes Surplus; Palladium Price Advances

(Bloomberg) -- Platinum rose in London after Lonmin
Plc, the world's third-biggest platinum company, said it would
delay sales of some of its metal at a time when global supply was
barely keeping pace with demand.

The sale of between 70,000 and 90,000 ounces of platinum
from inventories will be postponed until after September, London-
based Lonmin said in a statement today. The sales were expected
to help platinum supplies exceed demand in the second half of
2007 from a deficit in the first half, London-based platinum
marketer Johnson Matthey Plc said in May.


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Platinum Rises as Wage Disputes at South Africa Mines May Disrupt Supplies

(Bloomberg) -- Platinum rose, heading for its
second weekly gain in three weeks in New York on concern wage
disputes will lead to strikes at mines in South Africa, the
biggest producer of the metal. Palladium also gained.

Anglo Platinum Ltd. last week raised a wage offer in an
attempt to avert a strike, and employees at Impala Platinum
Holdings Ltd. turned down a proposed pay increase. The two
South African companies are the world's biggest platinum
producers.


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Platinum Falls in London on Car Demand Speculation; Palladium Declines

(Bloomberg) -- Platinum fell for the first time this
week on speculation slowing car demand in Europe may add to a
surplus of the metal used mostly in catalysts to reduce vehicle
pollution. Palladium dropped for a second consecutive day.

New car registrations in Germany, Europe's biggest economy,
fell 7 percent in June compared with a year earlier, the Federal
Motor Vehicle Office in Flensburg said on July 4. French car and
light-truck sales dropped 3 percent in June.


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Eastern Platinum launches S.African tailings plant

(Reuters) - Eastern Platinum Ltd has commissioned a $2.28 million plant in South Africa to process mining waste into metal, the firm said on Wednesday.

The plant at the company's Crocodile River Mine will process waste tailings that have built up at the operation and is expected to boost overall output by 5,000 ounces of platinum group metals (PGMs) per year, a statement said.


Read more at Reuters Africa

Platinum Advances as Buying by Manufacturers Increases; Palladium Rises

(Bloomberg) -- Platinum rose in London on buying by
manufacturers attracted by yesterday's slide in prices.

``We've seen a little bit more interest,'' said Mark
Bedford, director of precious-metals marketing at Johnson Matthey
Plc in Royston, England. ``When prices dropped yesterday, there
was more interest from industrial buyers.''


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Platinum Gains on Production Curb at South African Mine; Palladium Climbs

(Bloomberg) -- Platinum rose in New York after
Anglo Platinum Ltd., the world's largest producer, said it will
cut production at its biggest mine. Palladium also advanced.

Output at the mine in Rustenburg, South Africa, will drop
by as much as 15,000 ounces. The company plans to improve safety
after five workers were killed at the mine in the past two
weeks.


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South African Stocks Advance, Led Higher by Impala Platinum and MTN Group

(Bloomberg) -- South African shares rose for a
fourth day, led by Impala Platinum Holdings Ltd. as the price of
the precious metal climbed the most in more than two weeks.

MTN Group Ltd., Africa's biggest publicly trade mobile phone
company, also gained.


Read more at Bloomberg Emerging Markets News

Platinum, Palladium Decline in New York as Dollar, Bond Yields Strengthen

(Bloomberg) -- Platinum fell the most in two weeks
in New York as a stronger dollar and higher bond yields reduced
the appeal of the metal as an alternative investment. Palladium
also dropped.

The dollar rose for the sixth-straight day against a basket
of six major currencies after a U.S. government report showed
retail sales increased more than economists had forecast. U.S.
10-year Treasuries surged the most since February as speculators
bet that yields at five-year highs will curb inflation.


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Platinum's Neilson, Australia's Newest Billionaire, Avoids Share `Fashion'

(Bloomberg) -- Kerr Neilson, manager of Australia's
biggest international equity fund, says he doesn't care about
short-term returns or the latest top stocks. That's probably a
good thing, since the fund is underperforming this year.

Neilson is buying shares of some of the world's biggest
companies, including Microsoft Corp. and International Paper Co.
for the A$9.5 billion ($7.8 billion) Platinum International Fund.
Since its launch 12 years ago the fund has returned more than
twice the Morgan Stanley Capital International World Index.


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S.Africa's NUM union rejects Angloplat wage offer

(Reuters) - South Africa's National Union of Mineworkers said on Wednesday it had rejected a 6 percent pay rise offer from Anglo Platinum Ltd and was sticking to its demand for 15 percent.

"We would like to remind the powers that be at Anglo that the NUM is in no way playing when it talks of double digits," the union said in a statement. "We stick to our 15 percent demand, and we invite Anglo to come to the party."


Read more at Reuters Africa

Platinum Falls in Asia as Dollar Holds Near Three-Month High Versus Yen

(Bloomberg) -- Platinum fell for a fourth day in five
in Asian trading as the dollar traded near a three month high
against the yen, cutting the value of the metal as an investment
to offset a weakening U.S. currency.

The dollar rose as much as 0.51 percent to 121.63 yen
yesterday in late New York trading, the highest since Feb. 23.
The currency traded at 121.47 yen at 10:48 a.m. Tokyo time today.


Read more at Bloomberg Commodities News