Platinum Group Metals Price Bulletin - 28th November 2011 to 2nd December 2011

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

	Pt	Pd	Rh
Monday 28th November	1558	582	1650
Tuesday 29th November	1545	585	1650
Wednesday 30th November	1522	584	1650
Thursday 1st December	1555	615	1625
Friday 2nd December	1565	642	1625

Despite warnings from the Bank of England of a second credit crunch, market sentiment noticeably improved this week as the world’s largest central banks announced co-ordinated plans to inject liquidity into the global financial system. In a surprise move, China also eased bank reserve requirements for the first time since 2008 in an attempt to boost liquidity. With risk appetite returning as November gave way to December, platinum and palladium rallied, reversing the losses seen in recent weeks. 

Platinum

Platinum’s price continued to slide in the dying days of November, dragged down by weak investor sentiment. Things improved considerably as the dollar weakened in response to the Bank of China’s move on boosting liquidity, and as risk-on mentality returned to the commodities sector.

Palladium

 

Palladium outperformed platinum in its upward move, gaining 10% during the week. This was partly on the back of positive news from the US auto sector: year-on-year car sales in November rose by 14%, the highest level since the cash for clunkers programme in August 2009.

 

Rhodium

Rhodium lost $25 on the 1st December, reaching a new Johnson Matthey Base Price of $1,625. Iridium remained at $1,085 while ruthenium softened early in the week to $120.

Johnson Matthey,
Orchard Road,
Royston,
Hertfordshire SG8 5HE,
United Kingdom