Platinum group metals-spec buying pushed pt & Rh higher

摘要

Platinum staged yet another rally in August on the back of fund buying on TOCOM and N YMEX. However the price failed to make it above 890 dollars/oz, as the price stalled at 885 dollars/oz, a 4-month high. Trading remained above 800 dollars/oz over the entire month, the first time since March this year. The average price for the month was 848 dollars/oz, with trading between 824 dollars/oz and 885 dollars/oz. At the lower prices, demand from industry, in particular glass and autocats, remained healthy. The jewellery sector is still proving reluctant to accept the higher price. For the rally to have been constructive it needed to make it above 900 dollars/oz. But momentum was unconvincing and the price fell back sharply to below 840 dollars/oz. It has since recovered to trade just below 870 dollars/oz. Support is evident at 800 dollars/oz, but should this fail, the next support is at 700 dollars/oz.