Platinum Group Metals Price Bulletin - 9th August 2010 to 13th August 2010

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

 PtPdRh
Monday 9th August   1565   490   2175
Tuesday 10th August   1546   479   2175
Wednesday 11th August   1540   475   2150
Thursday 12th August   1512   465   2150
Friday 13th August   1536   476   2125


Equity markets went into a decline this week as fears of a double-dip recession resurfaced. The Federal Reserve’s decision to make no change to its monetary policy was taken as pessimistic and data from China indicating a slowing of economic growth was a further negative influence on the prospects for the industrial metals.


Platinum

Platinum’s recent rise was undermined by poor economic data but the price was propped up to some extent by adverse news from the South African mining sector. Lonmin was temporarily banned from selling its by-product base metals by the Department of Mineral Resources following the award of prospecting rights to another party on part of its lease area.  Meanwhile, the threat of strike action at Impala remained, with management and union still unable to reach a wage agreement. After plunging to $1,512 on the 12th, Asian buying emerged to give the price a little extra support.


Palladium

Palladium price moves mirrored those of platinum.


Rhodium

Offers dominated in the rhodium market, causing the price to slip to $2,125 by the end of the week.



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