Metals: Mini Gold (1 Viewer)

[gipa69]

Nymex Platinum Keeps Setting Records Above $2,000 An Ounce
Fri, Feb 15 2008, 13:36 GMT
http://www.djnewswires.com/eu/


Nymex Platinum Keeps Setting Records Above $2,000 An Ounce

By Allen Sykora
Of DOW JONES NEWSWIRES


Platinum futures are not taking much of a breather after topping the psychological $2,000-an-ounce level Wednesday, with the April futures on the New York Mercantile Exchange instead going on to a fresh record high of $2,075 an ounce early Friday, a record based on a spot-continuation chart.

This is the 12th straight trading day that April platinum has hit a contract and Nymex record high.

"Platinum highs are the result of demand and production problems," said George Gero, vice president of RBC Capital Markets Global Futures.

Speculative buying resumed after initial pullback during overnight screen trading, observers said. One trader said many thought a more substantial profit-taking correction might occur at the $2,000 area, but instead the metal continued its sharp ascent following news that Anglo Platinum Ltd. (AMS.JO) will shut down a smelter for four to six weeks for furnace repairs. The company indicated it should not have an impact on production, but nevertheless the news came at a time when there are already concerns about supplies in South Africa, which accounts for some 80% of the world's production.

At 8:26 a.m. EST (1326 GMT), Nymex April platinum was up $51.10 to $2,057 an ounce.

Platinum's supply/demand fundamentals have been described as tight for some time, then the market accelerated to the upside last month when availability of power supplies became a major issue for South African mining operations, with some mining activity curtailed. Power utility Eskom said Thursday that power conservation will continue until 2012.

"Power shortages have led to producers sharply scaling back production forecasts and further widen the estimated market deficit, and furthermore the market is also faced with historically low levels of stock," Barclays Capital said in a daily research report.

Rising demand for physically backed exchange-traded funds in Europe is also helping fuel the gains, Barclays said.

-By Allen Sykora, Dow Jones Newswires; 541-318-8765; [email protected]

(END) Dow Jones Newswires

February 15, 2008 08:36 ET (13:36 GMT)


Copyright 2008 Dow Jones & Company, Inc.

 

[gipa69]

E' chiaramente speculazione...

Platinum firms near historic highs, gold up
Fri 15 Feb 2008, 8:40 GMT

[-] Text [+] (Adds closing in Tokyo)

Lewa Pardomuan

SINGAPORE, Feb 15 (Reuters) - Platinum hovered near an historic high above $2,000 an ounce on Friday, rebounding from session lows as speculative buying resumed, while gold rose on expectations of more U.S. interest rate cuts.

Platinum <XPT> hit a low of $1,984 an ounce before buying interest from Japanese speculators pushed it up to $2,010/2,017 an ounce, higher than $1,997/2,007 an ounce late in New York.

The white, lustrous metal jumped as high as $2,025 on Thursday as a power crisis in South Africa, the world's main producer, forced another miner to forecast lower output in 2008.

"The $2,000 mark is the make-or-break level. That's where the funds want it to be," said William Kwan, a dealer at Phillip Futures in Singapore.

South Africa, which accounts for 80 percent of global platinum supply, has been hard hit by power cuts since early January, forcing mines to shut for five days last month and sending platinum prices to historic highs.

South Africa's state power firm Eskom said on Thursday it would increase coal purchases and buy back electricity from those industrial users able to reduce consumption under a plan to address crippling shortages. [ID:nL14251539]

While speculative buying drove up the price, some dealers in Japan said platinum lease rates had been steady at 9 percent since January. Lease rates usually rise when there is a shortage in the physical market.
"I think the physical side is still okay because I believe some players are holding some stocks," said a dealer at a major trading house in Tokyo.

"But I guess this power supply problem is related to mid to long-term supply availability, so it's easy for speculators to come to the market and push up prices. Also this kind of market is quite thin," he said.

Japanese platinum futures were at record highs. The most active December contract <0> on the Tokyo Commodity Exchange ended by the 240 yen daily limit to 6,705 yen per gram.

Impala Platinum <IMPJ>, the world's No. 2 producer, on Thursday forecast "very tight market conditions", while No. 1 producer Anglo Platinum <AMSJ> said this week the power problem alone would cut output by as much as 120,000ounces in 2008.

Gold <XAU> rose to $909.20/910.10 an ounce from $907.10/907.90 an ounce late in New York.

The prospect of more U.S. interest rate cuts is likely to support gold but funds and jewellers are still keen to sell following gold's rise to record highs around $936 in early February, said Kwan of Phillip Futures.

"The stockpiles of refiners in Zurich seem to be quite high. They are probably sellers in the market right now," said Kwan, referring to refiners who cast gold bars for sale to investors around the world.

"If there's any reversal, the funds might be the first to sell it down but the retail side is still short," said Kwan, who expected gold to trade in a range of $890 to $915 on Friday.

Comments from Federal Reserve Chairman Ben Bernanke on Thursday reinforced the impression the Fed will slash its benchmark rate by 50 basis points when the U.S. central bank holds its next policy meeting in March.

In theory, a rate cut will boost gold's appeal as an alternative investment to currencies and bonds.

Bernanke told the U.S. Senate Banking Committee the central bank "will act in a timely manner as needed to support growth and to provide adequate insurance against downside risks."

The dollar inched up to 108.00 yen, having fallen to 107.65 yen in early Tokyo trade. The euro <EUR> hardly changed at $1.4640.

Palladium <XPD> firmed to $438/443 an ounce from $433/437 an ounce. Silver <XAG> edged up to $17.30/17.35 an ounce from $17.24/17.29 in New York.

COMEX's April gold futures <GCJ8> added $2.0 an ounce to $912.8 an ounce. Precious metals prices at 0831 GMT Metal Last Change Pct chg YTD pct chg Turnover Spot Gold 907.80 -0.70 -0.08 9.02 Spot Silver 17.27 0.04 +0.23 16.93 Spot Platinum 2010.00 13.00 +0.65 32.24 Spot Palladium 438.00 5.00 +1.15 19.02 TOCOM Gold 3183.00 -12.00 -0.38 4.02 62731 TOCOM Platinum 6705.00 240.00 +3.71 25.59 67641 TOCOM Silver 604.60 -7.20 -1.18 11.76 1231 TOCOM Palladium 1554.00 -7.00 -0.45 15.03 6877 Euro/Dollar 1.4653 Dollar/Yen 108.24 TOCOM prices in yen per gram, except TOCOM silver which is priced in yen per 10 grams. Spot prices in $ per ounce. (Editing by Ben Tan)

 

[ditropan]

Ditro ti ho postato un po di news di là... cmq tieni conto che il mercato delle automobili rallenta in Europa e nei paesi occidentali ma non nei paesi emergenti per cui di per se la produzione mondiale non è in calo, al massimo cresce meno del previsto.

La news più interessante:

While speculative buying drove up the price, some dealers in Japan said platinum lease rates had been steady at 9 percent since January. Lease rates usually rise when there is a shortage in the physical market.

Grazie Gipa ... mi sono messo a ravanare un poco in giro per vedere se qualcuno azzardava delle cifre per questo rialzo, per avere insomma qualche punto di riferimento ... per quanto possa valere in una fase di piena speculazione ...


ecco il risultato ...

******************************

http://news.tradingcharts.com/futures/0/3/104732230.html

Platinum 'Will Stay in Demand'

Johannesburg, Feb 14, 2008 (Business Day/All Africa Global Media via COMTEX) -- DEMAND for platinum, palladium, rhodium and nickel was expected to remain strong in the next six months on sturdy consumption and uncertainties about supply, Northam Platinum marketing manager Jerry White said yesterday.

He said Northam expected palladium to trade at between $400/oz and $500/oz in the second half of this year.
Platinum was expected to trade between $1750/oz and $2200/oz;
rhodium between $7000/oz and $9000/oz;
and nickel at an average of $30000/ton.

Yesterday, the spot platinum price was $1914/oz, while palladium was about $428/oz. Rhodium was about $8650/oz and nickel about $28000/ton.

Metals group Heraeus, the European company that refines Northam's precious metals, said in its Precious Metals Weekly yesterday that despite predictions of a platinum price of $2000/oz, there was no sign of panic buying from the engine catalyst sector.

"Longer term, keeping in view a possible recession in the US, we see a chance that prices could come down considerably in the second half of the year," it said.

Heraeus warned of the possibility of significant falls in the palladium price if there was a US recession, not only because of ebbing industrial demand but also the sale of some long positions. About 50 tons of palladium or one-fifth of global annual production was believed to be held by exchange-traded funds and speculators, it said.

White said deficits for platinum and rhodium were likely to widen. The platinum price was driven by continued demand from the engine catalyst sector for platinum used in diesel vehicles, particulate filters and after-treatment applications. Sales of platinum jewellery were resilient, and exchange-traded funds were gaining support from investors.

Rhodium was essential for controlling nitrogen oxide emissions from vehicles and was also in demand from the chemicals sector.

Although palladium had risen less than other platinum group metals, it was also experiencing increasing demand from the engine catalyst and electronics sectors, White said. Nickel had eased on stainless steel production cutbacks, but he expected the mills to increase output.

by Charlotte Mathews

Copyright Business Day. Distributed by AllAfrica Global Media (allAfrica.com).

Please read the End User Agreement.
By accessing this page, you agree to the terms and conditions of the End User Agreement.

News provided by COMTEX

 

[gipa69]

http://www.mineweb.com/mineweb/view/mineweb/en/page35?oid=46789&sn=Detail

 

[gipa69]

http://www.mineweb.com/mineweb/view/mineweb/en/page35?oid=47020&sn=Detail

 

[ditropan]

http://www.mineweb.com/mineweb/view/mineweb/en/page35?oid=46789&sn=Detail

... letto, interessante articolo, tuttavia una cosa non mi torna ...

... con il platino vengono realizzati prettamente catalizzatori per motori diesel (per i benzina si usa il più economico palladio), l'aumento della domanda atto a giustificare un simile panic buing riguarda il miglioramento delle condizioni di vita di Cina ed India e le conseguenti potenzialità di crescita di questo nuovo mercato; questo perchè mercati quali l'Europa ed America sono oramai mercati maturi, dunque abbastanza stabili ... direi pure in flessione visto il caro petrolio ed il rallentamento economico.

Che io sappia però la motorizzazione di massa di questi paesi asiatici verrà fatta da auto a benzina, non certo diesel ... vedasi esempio della TATA NANO per l'India o dei nuovi modelli cinesi della Geely, Chery, Shuanghuan o Great Wall ... sono tutte a benzina !

... ergo con catalizzatori al palladio ... e com'è che il palladio allora non si muove ?
O meglio, sulla base di questo ragionamento il palladio dovrebbe essere tonico per lo meno quanto il platino, invece stà andando al traino e dimostra molta debolezza rispetto a suo fratello.

 

[gipa69]

si è l'evidenza che il flusso al rialzo è chiaramente speculativo... e quando si scende, si scenderà a palla....

questo pezzo dell'articolo evidenzia le caratteristiche diverse dei vari mercati...

The geographic split of this is also interesting with Europe well and truly in the vanguard with respect to diesel vehicles. In 2000, diesel accounted for 37% of light vehicle production, but in 2007 it absorbed approximately 51% of total. The headway in the gasoline sector in China means that diesel share has actually dropped over the period, from 21% to 16%. In Japan the share is less than 10% while in North America it is less than 5% - although this us up from less than 2% in 2000.

 

[gipa69]

http://www.miningweekly.co.za/article.php?a_id=126979

 

[ditropan]

... porca miseria !!! ... sul platino oramai sono proprio partiti di cranio !!! ... sembra di vedere MGE Wheat 2 la vendetta .... :angry::angry::angry:



Platinum hits record at $2 124 on supply fears
By: Reuters
Published: 19 Feb 08 - 8:34

Platinum roared to a record high for the 14th straight session on Tuesday, topping $2 100 an ounce on fears of tight supply, after power problems in main producer South Africa disrupted mining.

Spot platinum hit a high of $2 124 an ounce, up from $2 105/2 115 an ounce late in London on Monday. The metal has gained more than 30 percent this year on speculative buying ignited by worries of a widening supply and demand gap.

"We don't know when it's going to stop," said Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong. "But of course it's rising so fast. It's not healthy. It can't sustain the high level if there's no real demand," said Leung.

More than 60% of the world's platinum output is used as catalyst in vehicles, helping to clean exhaust fumes. Nearly 25% goes to jewellery making.

Demand for auto catalysts jumped 2,3 percent to 4 235 000 ounces in 2007, from 4 140 000 ounces in 2006, according to refiner Johnson Matthey.

But demand from the jewellery sector slipped 1,5% to 1 595 000 ounces last year, from 1 620 000 ounces in 2006.


WIDENING DEFICIT

Analysts say the global platinum deficit could widen to 400 000 to 500 000 ounces by the end of 2008, compared with about 265 000 ounces in 2007. The market had a surplus of 65 000 ounces in 2006, following seven successive years of deficits.

"Fresh funds are flowing into the platinum market. The target can be, for a start, $2 200," said William Kwan, a dealer at Phillip Futures in Singapore. "Basically, there are no sellers in the market. Everyone is on a buying spree."

The world's No. 1 producer Anglo Platinum has said power problems would cut output by 120,000 ounces in 2008, while Impala Platinum, the world's No. 2 producer, forecast "very tight market conditions."

Japanese platinum futures were also at record highs. The most active December contract on the Tokyo Commodity Exchange surged 164 yen per gram to 7 064 yen.

"The platinum market has already been worried about supplies in South Africa and this power problem emerged to trigger more buying because we all knew this won't be resolved easily," said Hisaaki Tasaka, a market analyst at Ace Koeki in Tokyo.

"But at the moment, we are not seeing an actual shortage in supplies as lease rates have not surged," Tasaka said.

While speculative buying lifted prices, dealers said platinum lease rates had been steady at 9 percent since January.

Lease rates are the rate at which an investor or trader borrows a metal. They usually rise when there is a shortage in the physical market.

Also, open interest on TOCOM platinum fell to the lowest in about 22 years as investors cut positions to avoid sharp volatility.

Palladium hit a bid high of $473 an ounce, its highest level in more than six years, tracking platinum. It was last quoted at $466/470 an ounce.

Gold rose to $907.50/908.30 an ounce from $903,00/903,80 an ounce late in London, off a record high of $936,50 an ounce it hit in early February.

"I think it's still consolidating at $890 to $920 for a while," said Leung of Lee Cheong Gold Dealers, adding that the physical market saw some buying from jewellers in Thailand.

Silver edged up to $17,13/17,18 an ounce from $17,00/17,05 an ounce.

 

[ditropan]

cioè ... tanto per capirsi ... su di un consumo abbastanza stabile che nel 2007 è stato di 4.235.000 + 1.595.000 = 5.830.000 once, per una stima di taglio di produzione di 120.000 once ovvero solo il -2,05% questi cornutazzi ti hanno piantato un rally del +45% !!!

Complimenti ... non c'è che dire ! :angry::angry::angry::angry: