Formerly lacklustre platinum finally outperforming

New York

AFTER lagging behind other precious metals last year, platinum is finally outperforming, and hedge funds are taking notice.

Money managers increased their bets on a rally for platinum, a commodity used in pollution-control devices for cars. Investors had been pessimistic on prices until the start of this year, but that sentiment changed as signs of synchronised global growth boosted expectations for demand. The metal's strong correlation to gold is also providing support as a weaker US dollar propels alternative assets higher.