The only reason I sold my SWC was because of Palladiums price decline.
Remember it peaked at $1150 po.
>>Platinum futures climb
Among the industrial metals, July platinum rose to $536 an ounce, up $14.30.
Platinum remains firm amid news of a strike at the world's leading platinum group metals producer AngloPlatinum, Ross Norman, director of TheBullionDesk.com said in a weekly note to clients.
"The Russians continue to hold back from the spot market and, not unnaturally, palladium has elevated close to their stated price expectations corridor of $400 to $600," he said, noting that he predicts palladium will enter that price range soon, but could see selling if the price reaches $450.
For now, however, the platinum group metals will likely see tests of the upside as continued record vehicle sales have been the best outward expression of consumer confidence, Norman said. The metals are well utilized in car manufacturing.
In related news, June palladium declined by 65 cents to $390 an ounce. May copper fell 0.1 cent to 76.35 cents a pound. |
