Platinum Group Metals Price Bulletin - 5th May 2008 to 9th May 2008

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

 PtPdRh
Monday 5th May   1909   420   9200
Tuesday 6th May   1934   425   9200
Wednesday 7th May   1944   428   9250
Thursday 8th May   1974   427   9250
Friday 9th May   2050   440   9250


On May 19th, Johnson Matthey will release “Platinum 2008”, its review of the platinum group metals markets. It will be available to download from this website (www.platinum.matthey.com) at 13.00 London time.


Platinum

Last Friday’s late recovery continued in the USA but with London closed on Monday for a holiday the week began quietly. Oil strengthened as the week wore on, reaching $125/barrel. The dollar too, initially toughened against the Euro, leaving precious metals in a quandary what to do. Gold couldn’t make its mind up but platinum followed oil upwards, its hand possibly forced by Lonmin’s announcement to withdraw 2012 expansion targets. The announcement of a new platinum investment tool (Exchange Traded Note) in the US, accelerated prices but the rush to invest in physical metal was curious as ETNs are cash settled, based on futures, and unlike ETFs, have no effect on the supply/demand situation.


Palladium

Responding similarly to platinum and other commodities, palladium followed oil, before being caught up in the ETN furore.


Rhodium

Bidding interest continued in the market and the rhodium price bumped up a notch. By the end of the week it was looking to move higher.



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