Futures surge past $900 an ounce for the first time since early 1980 on speculative buying.
March 1, 2004: 10:16 AM EST
NEW YORK (Reuters) - Platinum futures on the New York Mercantile Exchange rose above $900 an ounce for the first time since early 1980 on Monday, as speculative funds took their cue from strong buying in Asian precious metals trade.
The benchmark April platinum contract rose to $902.50 shortly after the open, before backing off slightly to $895.50, but still up $8.10.
Floor brokers said funds were heavy buyers in platinum and palladium, which was up $12.35 at $245.00 an ounce. Asian buyers bought platinum aggressively on the Tokyo Commodity Exchange overnight, mostly because the weakness of the dollar made it more affordable to investors holding yen.
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