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Platinum slumps to seven-month low as virus spread saps demand

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Platinum dropped to a seven-month low as the spread of the coronavirus dents the outlook for industrial commodities, while a Federal Reserve official indicated the central bank is on course to taper stimulus. The metal used in catalytic converters fell for a third day as the spread of the delta strain punctures the narrative of a rapid global recovery. China is facing a growing outbreak that’s prompted analysts to review economic growth projections, while case numbers are climbing from Tokyo to Sydney and in parts of the US.

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