Morning Platinum Market Report
Fri 27 Jul 2012 07:12:00 CT
Related Keywords: Metals
Related Keywords: Metals
The Dollar is slightly lower this morning and remains close to yesterday's 3-week low. Asian stock markets were generally higher during the overnight session, with the Nikkei up 1.46% and the Shanghai A index up 0.13%. European equities have recovered from early losses and are slightly higher this morning, with the FTSE up 0.09% and the DAX index up 0.23%. A spokesman for the German Bundesbank expressed their opposition to the European Central Bank purchasing Spanish and Italian sovereign debt. However, a major French newspaper reported that there are plans for the Euro zone's rescue fund to purchase Spanish and Italian debt until the European Stability Mechanism takes over later this year. Japanese CPI during June was down 0.2%, weaker than expected. French Consumer Confidence during July was at 87, down 3 points from last month and weaker than market expectations. US economic data during today's session include second quarter GDP at 7:30 AM, and a private survey of Consumer Sentiment at 8:55 AM.Platinum prices climbed to a new weekly high overnight, moving more than $40 above Tuesday's low, which was the low the market had been so far this year. A sluggish Dollar combined with moderate strength in global equity markets helped underpin those gains. A major global mining company announced that they were postponing several projects due to low metals prices. This could result in tighter platinum supplies later on this year. The bull camp will continue to hold the upper hand during today's trading, with a chance for a sharp upside extension if US economic data comes in better than expected
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*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.
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