Platinum falls to 5-month low on slowing economy

Platinum falls to 5-month low on slowing economy : Platinum prices fell to a five-month low Friday as a sagging U.S. economy and a push to build smaller cars prompt automakers to buy less of the metal used in catalytic converters. Other commodities traded mixed, with crude oil rebounding after three days of steep losses and gold, silver, soybeans and corn futures falling. Platinum has dropped 8 percent in the last month, weighed down amid a U.S. economic slowdown and rocketing energy costs that have led to a sharp drop in new auto sales. In addition, an effort to build smaller, more energy efficient cars means less of the metal is being used per unit. Catalytic converters contain small amounts of platinum, palladium and rhodium. "We're seeing demand destruction across the board in the auto sector and that has really impacted... [read full story]