Platinum Futures Reach Nine-Week High After GM Averts Strike - JB News Feed

Platinum futures in Tokyo climbed to a nine-week high after General Motors Corp. reached a tentative accord with the United Auto Workers, ending a two-day strike and reducing concern demand from the biggest U.S. automaker may fall.

Platinum has gained 18 percent this year on growing demand for the metal used in pollution-control devices for cars. Last year, 4.2 million ounces of platinum, or 62 percent of total global demand, were used for car catalysts, according to London- based metals trader Johnson Matthey Plc.

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