Platinum prices jump on plans to shut down mines

AP News
Posted: Jan 15, 2013 4:28 PM

Platinum prices are rising after the world's largest producer of the metal said it will shut some of its mines.

Anglo American Platinum said Tuesday that it will stop production from four mines in South Africa, cutting output by 400,000 ounces. That's roughly 6 percent of the world's total supply of platinum, according to the CPM Group.

The news sent platinum prices shooting higher. Platinum for April delivery rose $31.70 to $1,689.90.

Other metals also climbed. Gold for February delivery rose $14.50 to $1,683.90 an ounce. Silver for March delivery rose 42 cents to $31.529.

Copper for March delivery edged up 0.35 of a cent to $3.6375 a pound. Palladium for March increased $10.05 to $713.35 an ounce.

Wheat, corn and other crops traded higher. Energy prices were mostly lower.