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Commodities: Platinum hits record levels again

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Date: Monday 18 Feb 2008

LONDON (ShareCast) - Platinum futures continued to record highs again as worries about supply in South Africa persisted.

The metal has surged in the last month as power shortages in South Africa, the world's largest platinum producer, has forced many companies to operate below capacity.

Platinum for April delivery finished up $57.80 at $2,063.70 an ounce.

Gold prices slipped lower on Friday to end the week in the red as traders decided to take some profits ahead of the Presidents' Day holiday on Monday. Gold delivery dropped $4.70 to end at $906.10 an ounce.

Oil prices fluctuated on Friday and eventually finished the day flat. OPEC reduced its demand forecasts for this year by 100,000 barrels a day but said it could cut production if global supplies continue to increase.