Platinum prices rallied to three-month highs on Tuesday after the number one producer of the metal, Anglo American Platinum, said it would mothball two South African mines and sell another, cutting output by around 400,000 ounces.
Spot platinum was last up around 2.1 percent at about $1,689 an ounce, having earlier touched a high of $1,699.50 an ounce, its strongest since Oct. 9. The metal is up around 10 percent since the start of the year.
Platinum's rise also helped drive prices of other precious metals higher. Spot palladium hit its highest since March 2012 at $1,717.50, and was last up about 1.5 percent.
Spot gold was last up 0.9 percent at $1,682 an ounce.
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— Reuters contributed to this report