Platinum Group Metals Price Bulletin - 8th March 2010 to 12th March 2010

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

	Pt	Pd	Rh
Monday 8th March	1589	479	2550
Tuesday 9th March	1596	472	2550
Wednesday 10th March	1605	474	2550
Thursday 11th March	1588	458	2550
Friday 12th March	1615	465	2550

Commodities were the primary benefactor of even stronger than expected trade data out of China and, coupled with political unrest in Nigeria, oil went through the $80 level with ease. Interest in gold, however, was lacklustre and it flirted dangerously with $1,100 on occasions before Euro strength and corresponding Dollar weakness helped to pull all the precious metals higher at the end of the week.

Platinum

Ignoring gold’s apathy, platinum made a strong move over $1,600 having, it is thought, triggered some technical buying. The move higher was underpinned by good news from the auto industry. China posted a 55% increase in car sales in February, Russia announced its own scrappage scheme, Mexican auto exports doubled and VW reported 2010 sales-to-date up 27%. Meanwhile, mining output showed its first increase since July 2008, pgm production being the major reason.

Palladium

After hitting a two-year high on Monday, palladium could not sustain its recent form. The auto news seemed to pass it by, and, fundamentals forgotten, it followed the same path as gold, rather than its sister metal.

Rhodium

After taking a step down, rhodium found strong interest at the new $2,550 level, where it sat comfortably for the rest of the week.

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