Platinum Group Metals Price Bulletin - 11th January 2010 to 15th January 2010

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

 PtPdRh
Monday 11th January   1578   431   2750
Tuesday 12th January   1626   443   2750
Wednesday 13th January   1578   427   2750
Thursday 14th January   1590   429   2750
Friday 15th January   1614   453   2750


Commodities across the board saw a strong start to the week before a surprise increase in the bank reserve requirement from the People’s Bank of China had risk assets, equities, commodities and currencies, all responding negatively. The correlation between gold and platinum isn’t as strong recently, however, the yellow metal continuing to eye currencies as a directional indicator, while platinum and palladium bask in the glow of the new US ETFs.


Platinum

Continuing its climb, following the first US ETF trading day last Friday, platinum breached $1,600 for the first time in nearly 18 months, only to be pegged back, along with other commodities on the news from China. There was a fair bit of confusion regarding the exact amount of interest in the US ETF’s but ETF Securities’ website currently states platinum volumes at 35K oz. Speculation about the quantities sold made for considerable volatility, however, and the price rebounded back above $1,600 on Friday.


Palladium

Following a similar pattern, palladium also fluctuated wildly. Volumes sold on the US ETF, according to the ETF Securities website, are 40K oz so far.


Rhodium

Steady in good two-way trading, the Johnson Matthey rhodium base price remained unchanged.



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