Platinum Group Metals Price Bulletin - 31st May 2010 to 4th June 2010

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

 PtPdRh
Monday 31st May         
Tuesday 1st June   1568   468   2675
Wednesday 2nd June   1546   457   2625
Thursday 3rd June   1566   464   2625
Friday 4th June   1544   451   2600


A mix of news this week gave the markets a headache trying to work out the right direction for commodities. Manufacturing reports from China showing a slowing pace of activity and continuing worries about the Euro weighed on the negative side of the balance but reports of recovering car sales in the USA – up nearly 20% year-on-year - were sources of optimism. The prices of platinum and palladium, coming off a long holiday weekend in Europe and the USA, reacted to the uncertainty.


Platinum

See-sawing prices responded to the changes in sentiment during the week. Platinum was underpinned by steady demand from Asia and supported perhaps by the rumour mill speculating that there will be power outages affecting mines in South Africa during the impending soccer World Cup.


Palladium

Palladium tracked the movements in the platinum price, picking up buying interest on the dips.


Rhodium

Rhodium met increased selling pressure after the weekend and subsided to its lowest price since late March.



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