[miningmx.com] – THE price of platinum futures fell to a five-year low as demand for the metal from Europe, which uses it for autocatalysis, was expected to falter, said Bloomberg News.
“It’s been a double-whammy negative, most notably because platinum is used in diesel vehicles, and the biggest diesel-auto market is in Europe,’ Mike McGlone, a research director at ETF Securities, told the newswire.
In September, platinum in tumbled 8.7%, the most in more than two years, while a manufacturing gauge for Germany, Europe’s largest economy, slid to a 15-month low, said Bloomberg News.
“Europe recession fears are high, meaning potentially less direct demand,’ said McGlone.
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