Platinum Group Metals Price Bulletin - 22nd February 2010 to 26th February 2010

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

 PtPdRh
Monday 22nd February   1545   447   2500
Tuesday 23rd February   1545   448   2525
Wednesday 24th February   1515   434   2575
Thursday 25th February   1509   420   2575
Friday 26th February   1539   429   2575


A lack of economic news at the beginning of the week had the markets holding steady but as news of a surprise drop in German business confidence emerged, the Dollar moved near to nine month highs against the Euro. Precious metals were forced lower, gold falling to $1,093 before regaining the 1,100 level as the Dollar/Euro relationship reversed on comments from Greece’s prime minister that they won’t need to be bailed out.


Platinum

Little changed from Friday’s close, platinum stagnated until news broke that the National Energy Regulator of South Africa had approved Eskom’s power tariff increases. Dollar strength exacerbated the impact and prices fell away rapidly before staging a recovery on Friday as platinum followed gold higher.


Palladium

Ploughing its own furrow initially, palladium moved markedly higher from last weeks close but pressure from the strengthening dollar had it losing its gains, and then some, before joining the other precious metals in their move higher, albeit belatedly.


Rhodium

Market conditions had rhodium leaning higher and then holding steady.



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