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Futures Market News
Platinum, palladium futures perform steadily
Jun 29, 2011 07:57 AM
Platinum and palladium, two precious metals that also are valuable for auto manufacturing and other industrial uses, are rising in price but might encounter rough waters, according to Dow Jones Newswires.
Platinum prices will endure a measure of volatility during the next 180 days, David Brown, chief executive officer of Impala Platinum, told the news source. The same forces that drive other precious metals like gold and silver also are in play with platinum. The market reacts to the sovereign debt crisis and Greece's efforts to emerge from it. Also impacting precious metal prices are slowdowns in the U.S. and China, the world's top two economies.
"The next six months, the market will filter in the negative aspects," Brown told the news wire service, adding his belief that the price range will run from $1,600 to $1,800 per troy ounce.
On Tuesday, July-delivery platinum closed at $1,691.70 per troy ounce, a 1.1 percent climb. September-delivery palladium settled at $735.15 per troy ounce, a 1.5 percent increase.
An additional factor benefiting palladium and platinum is the resumption of car manufacturing at Japanese automakers' plants damaged by the March 11 earthquake and subsequent tsunami.
The Greek sovereign debt crisis is expected to continue benefiting gold futures, Bloomberg reports.
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