7th January 2013 Weekly Bulletin

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7th January 2013 Weekly Bulletin

Johnson Matthey London Base Prices at 0900 hrs, $/oz:

Pt Pd Rh
Monday 7th January 1,553.00 670.00 1,080.00
Tuesday 8th January 1,583.00 673.00 1,080.00
Wednesday 9th January 1,600.00 690.00 1,080.00
Thursday 10th January 1,632.00 702.00 1,080.00
Friday 11st January 1,630.00 703.00 1,080.00

Platinum and palladium prices made solid gains this week, with platinum breaching the $1,600 level for the first time since mid-December and palladium recapturing the $700 level. A relatively optimistic mood prevailed as Chinese trade data showed a 14% year-on-year increase in total exports and a 6% rise in imports in December, indicating an economic recovery and fuelling hopes of higher pgm demand.

Platinum

Hopes for an economic recovery in China together with a rising gold price helped platinum reach the highest level in a month, with technical buy levels being triggered on the way up. On the supply side, the naming of the new CEO of the Anglo American group was welcomed by the markets. Speculation surrounding the strategic review at Anglo's platinum arm, due to be announced in the near future, also loomed large in the minds of investors, who appear to be pricing in the possibility of production cuts.

Palladium

Palladium also performed strongly this week, benefitting from price rises in the sister metals. A strong year for luxury carmaker BMW, whose sales rose by 11% year-on-year year also implied strong autocatalyst demand for the metal.

Rhodium

Rhodium remained unchanged at the Johnson Matthey Base Price of $1,080 this week. After remaining unchanged since August 2012, the iridium price softened by $25 to $1,025 on Monday while ruthenium lost $5 to reach $85, with the new prices reflecting weak demand for both metals.


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United Kingdom