Platinum prices are rising after the world's largest producer of the metal said it will shut some of its mines.
Anglo American Platinum (NASDAQOTH: AAUKY) said Tuesday that it will stop production from four mines in South Africa, cutting output by 400,000 ounces. That's roughly 6 percent of the world's total supply of platinum, according to the CPM Group.
The news sent platinum prices shooting higher. Platinum for April delivery rose $31.70 to $1,689.90.
Other metals also climbed. Gold for February delivery rose $14.50 to $1,683.90 an ounce. Silver for March delivery rose 42 cents to $31.529.
Copper for March delivery edged up 0.35 of a cent to $3.6375 a pound. Palladium for March increased $10.05 to $713.35 an ounce.
Wheat, corn, and other crops traded higher. Energy prices were mostly lower.
