Platinum drops over 3 pct on demand worries

Tue Sep 30, 2008 2:44am BST
 
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 SINGAPORE, Sept 30 (Reuters) - Platinum fell more than 3
percent on Tuesday as poor car sales sparked fears of falling
demand for the metal used in auto catalysts.
 By 0135 GMT, platinum XPT= was trading at $1,045 an
ounce, down $35 or $3.24 percent from New York's notional
close. It was the metal's weakest level since Sept. 19.
 Japan's Toyota Motor Corp (7203.T) said it started cutting
production in China as sales growth in the region fails to meet
expectations.
 Car sales growth in China slowed to 17.07 percent in the
first half after rising 20 percent or more annually since
2005.
  (Reporting by Lewa Pardomuan; Editing by Anshuman Daga)

 

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