Platinum Group Metals Price Bulletin - 28th April 2008 to 2nd May 2008

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

 PtPdRh
Monday 28th April   1982   445   9125
Tuesday 29th April   1970   435   9150
Wednesday 30th April   1935   426   9150
Thursday 1st May   1940   425   9175
Friday 2nd May   1840   405   9200



Platinum

Although metals found some upside support at the start of the week, with oil close to $120/barrel, it was mostly downhill from there. Platinum softened as month end book-squaring and profit taking activities added downside pressure to the markets. That pressure was turned up as a sell off in gold ETFs weighed on the markets and gold’s downward momentum, pulled other metals with it. Eskom’s shock declaration that it will suspend load shedding on May 5th came as the Federal Reserve indicated that the announced quarter-point rate cut may be the last for the immediate future, invigorating the dollar. On these pieces of news platinum went into freefall, falling below $1,900 for the first time in a month. Bargain hunting in Europe, however, had the market on the turn and the JM base price was adjusted upwards at 10.30 London time on Friday.


Palladium

Similarly affected by the strengthening dollar, month end activities and the gold ETF sell off, palladium also moved downwards.


Rhodium

By contrast the rhodium price edged gradually upwards on steady two way trading.



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