Why is Platinum commodity?

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Platinum commodity is the with the chemical symbol Pt and an atomic number of 78 on the periodic table. Visit here: https://bit.ly/2PHqxnN

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Why is Platinum commodity? :

Why is Platinum commodity?

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Platinum commodity is the with the chemical symbol Pt and an atomic number of 78 on the periodic table. Its name is derived from the Spanish term platina del Pinto, which is literally translated into “little silver of the Pinto River”. It is a dense, malleable, ductile, precious, gray-white transition metal. It is one of the rarest elements in the Earth’s crust and also it’s least reactive metal. Platinum occurs in some nickel and copper ores along with some native deposits, mostly in South Africa, which accounts for 80% of the world production. Platinum commodity is a rare chemical element found in the Earth’s crust. The grayish-white metal is one of the most intriguing commodities because its user base defies simple categorization. Business sectors such as the automotive industry demand platinum for use in catalytic converters, while traders covet the metal as a financial asset and store of value.

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The list of uses for platinum makes its comparison to gold seem obvious. However, by some measurements, platinum is even rarer than gold. Miners extract only about 130 million tons of platinum from the ground annually compared to more than 1,700 tons of gold. Platinum mining is also far less efficient than gold mining. The process of extracting the metal from ores can take five to seven months and may require ten tons of ore to yield one ounce of platinum. The cost of mining an ounce of platinum is nearly twice that of mining an ounce of gold. Platinum commodity is a dense metal that is also malleable and ductile. It is extracted from ore bodies in mines that contain the platinum group elements (PGMs). These elements – platinum, iridium, osmium, palladium, rhodium and ruthenium – all have similar chemical, physical and anatomical properties.

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Miners generally extract platinum from placer deposits, which are naturally occurring concentrations of heavy minerals. These deposits accumulate as a result of the effects of gravity on moving particles. Platinum miners also extract the metal from sperrylite and cooperate, which are ores that contain platinum. Recycling scrap metal also provides a portion of the metal’s annual supply. Platinum commodity takes place on both the New York Mercantile Exchange (NYMEX) and Exchange (TOCOM). In contrary to many other metals, Platinum is thus not available on the London Metal Exchange (LME).

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A benchmark price for this metal is set twice a day in London, called the “London Platinum Quotation”. This price is set by the London Platinum and Palladium Market (LPPM), which bases its price on the direct trading activities on their platform.

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