Spot platinum hits 7-wk high on investor buying
LONDON, May 9 (Reuters) - Spot platinum rose 3.5 percent to a seven-week high in early trade on Friday on investor buying ahead of the launch of new exchange-traded notes (ETNs), traders said.
The metal <XPT=> rose as high as $2,079.50 an ounce and was at $2,076.50/2,096.50 at 0903 GMT, against $2,008.50/2,028.50 in New York late on Thursday.
The two ETNs -- UBS E-Tracs Long Platinum ETN (PTM.P: Quote, Profile, Research) and UBS E-Tracs Short Platinum ETN (PTD.P: Quote, Profile, Research) -- will start trading soon on the NYSE Arca platform, according to CNBC television and NYSE Euronext exchange data. [ID:nN08549807]
(Reporting by Atul Prakash; editing by Daniel Magnowski)
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