Platinum Group Metals Price Bulletin - 14th June 2010 to 18th June 2010

Johnson Matthey London Base Prices at 0800 hrs, $/oz:

	Pt	Pd	Rh
Monday 14th June	1560	457	2425
Tuesday 15th June	1557	460	2425
Wednesday 16th June	1585	477	2425
Thursday 17th June	1576	474	2425
Friday 18th June	1579	483	2425

As European stock markets pushed higher the euro continued to claw back recent losses against the dollar. Gold resumed its upward momentum, following recent bouts of profit taking, to reach a record high of $1,260 late on Friday. Rising stock markets, a stronger oil price and higher base metal markets, were signs of improving investor confidence in the economic recovery and offered support to the pgm.

Platinum

In thin trading conditions, with China on a three day holiday celebrating the Dragon Boat festival, platinum consolidated on last Friday’s gains on encouraging automotive news. Although sales reports out of Europe were disappointing there were better reports from China and the USA and an industry research group forecast global sales of cars would rise 7% this year. Profit taking had prices fading briefly before levelling off, perhaps on the prospect of a strike next week by workers at Eskom, the South African state utility company, which could affect platinum production.

Palladium

Making steady gains throughout the week, palladium appeared to come under scrutiny by a group chaired by the European Commission. The group were reported to have indentified “pgm” as one of fourteen metals having high supply risks but, with Russia stated to be the major source, it seemed to suggest their major concern was palladium.  Click here to alleviate concerns you may have regarding this report.
 

Rhodium

Prices for rhodium remained unchanged, Far-East buying re-emerging later in the week but being countered by selling pressure out of Europe.

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