UNITED STATES August 08 2014 3:29 PM
NEW YORK (Scrap Register): British bank HSBC remains bullish on the platinum group metals.
Despite the easing of supply concerns and subsequent negative PGMs price impact, HSBC expects the PGMs to remain in a supply and demand deficit this year and next given the combination of tighter mine supply and continued demand for autos.
On Thursday, spot platinum price gained $12 or 0.8 percent to $1,470-1,475 an ounce range but its sister metal palladium was unchanged at $846-852 an ounce.
Fresh news from South African Mines
Furthermore, the lack of fresh news from South Africa with regards to mining perhaps indicates that the ramp-up in PGMs production by producers appears to be moving along.
The three largest platinum producers, Anglo American Platinum, Impala Platinum and Lonmin, stated on 23 June that they look to rebuild their stockpiles in four to eight weeks following the end of the five-month mining strike. It has been six weeks since the announcement.
Attention is focused on Russia
Geopolitical concerns stemming from its unclear intentions relating to Ukraine provided gold with its largest one-day price gain on Wednesday.
The country has sent more troops to the Ukrainian border, raising fears on an invasions; meanwhile, the country has imposed an import ban on a range of food goods from the US and the EU after other nations imposed sanctions on Russia.