Commodities: Crude and platinum prices make gains

Date: Friday 17 Aug 2012

Some better-than-expected economic data from the US sent crude futures to a three-month high on Friday.

Crude for September delivery gained 0.43%, or 41 cents, to $96.01 a barrel on the New York Mercantile Exchange, it highest price since May 11th. Over August so far, crude has already gained 9.39%.

The University of Michigan-Thomson Reuters consumer-sentiment index rose from 72.3 to 73.6 in August, better than forecasts of no change. Meanwhile, the Conference Board's leading economic index increased by 0.4% in July, better than the 0.3% growth estimate.

October-contract platinum gained 2.64%, or $37.90, to $1,473.10 as violent protests at Lonmin's Marikana mine in South Africa resulted in more than 30 employee deaths after local police were forced to take fire.

Lonmin is the world's third-largest producer of platinum, while South Africa accounts for around three-quarters of global output. The strikes have halted production for the past six days.

Meanwhile, wheat for December delivery rose 1.45%, or 12.75 cents, to 894.50 cents a bushel on the back of concerns over droughts in the US.

BC

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