October platinum is positing moderate losses this morning, although prices remain in close proximity to yesterday's new 4 1/2-month high. Labor unrest in South Africa continues to be viewed by many traders as the main source of strength for platinum prices, as workers at a major producer are asking for a pay hike for the second time this year. As seen in other metals markets this morning, some traders feel that there may be some reluctance to take prices up into new high ground before tomorrow's German ESM court ruling and this week's FOMC meeting results are fully digested by the market.
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