Platinum Group Metals Price Bulletin - 28th June 2010 to 2nd July 2010

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

 PtPdRh
Monday 28th June   1588   482   2500
Tuesday 29th June   1560   465   2500
Wednesday 30th June   1533   455   2500
Thursday 1st July   1512   438   2500
Friday 2nd July   1517   439   2475


Negative sentiment held sway this week with a run of dismal news, not least from China with slower economic growth numbers than expected, combining to weaken global stock markets and commodity prices. Even gold was caught in the doldrums. After looking to make a new all time high in New York last Friday it ran out of steam, drifted steadily lower and briefly dipped below the $1,200 level on Thursday.


Platinum

Gold's late rally on Friday pushed platinum higher but unlike gold it held onto its gains at the start of the week with steady buying reported on Tocom. The metal then came under increasing pressure with continued concern over the state of the world's economies and worse than expected US manufacturing data. Increased tensions between South Africa’s state run power company, Eskom, and the NUM, who plan to down tools next week, appeared to have no effect and only industrial bargain hunting kept platinum’s head above $1,500.


Palladium

Running in tandem with its sister metal, palladium started out well before falling back on the gloomy outlook for investors.


Rhodium

After holding firm for most of the week, rhodium finally succumbed to pressure from the other pgms on Friday, the JM base price moving down to $2,475.



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