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Platinum appears to have stabilized above the $1,400 an ounce level
Platinum appears to have stabilized above the $1,400 an ounce level for now. Weakness for the metal mainly came from selling by speculative financial investors, according to market positioning statistics, said Commerzbank in a research note. Commerzbank noted that money managers in the CFTC data cut their net long positions in the week to Dec. 13 for the fourth week running and short positions reached their highest level since the start of this data series. Sister-metal Palladium saw a similar story: net long positions are at their second-lowest level ever. “The difference between palladium and Platinum is that both long and short positions in palladium were reduced. What is more, we are still seeing strong selling of palladium ETFs, holdings of palladium ETFs tracked by Bloomberg having now plummeted to their lowest level since March 2010,” Commerzbank concluded. – CommodityOnline
Platinum sinks from $1842 to below $1500 in 6 months
(BullionStreet): Platinum dropped further as weakness in the industrial sectors that use the precious metal drive down prices. The white metal declined below$1500 since October, from a peak of $1,842 on June 9. Its parity with gold has been declining sharply since then as gold prices continued to climb further up due to euro zone crisis. The ratio now sratnds at 0.88, the lowest since 1985. Analysts said one of factors behind platinum’s weakness is the marginal cost of production which usually provides a floor for the price. When prices fall below the cost of production, this usually forces producers with higher costs to cut or stop output, hence reducing supply. Continuing concerns about the eurozone crisis and talk of a potential recession in Europe has also depressed platinum, which is used in catalyst converters for diesel cars, popular in the region. Demand for platinum is driven mainly by industrial sectors [...]
