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Precious metal prices nosedive

Platinum and palladium prices slumped on the announcements as Japan is a major consumer of both metals, accounting for 15% of global platinum demand and 16% of global palladium consumption according to Barclays Capital.

However, Japan's car production cuts are likely to have only a temporary impact on global demand for platinum and palladium, Standard Bank analyst Marc Ground said in a note to clients. "Auto production can be shifted from Japan elsewhere...ultimately damaged vehicles need to be replaced in the country," he said.

Source: WSJ

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