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Wednesday, Apr 26, 2006

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Platinum, palladium to stay firm

Our Bureau

Mumbai , April 25

In 2006, platinum will return to surplus and prices will trade in the range of $980 to $1,250 an ounce, while palladium is expected to remain in surplus with prices trading in the $250-400 an ounce range, according to GFMS Ltd.

In its latest Platinum and Palladium Survey 2006, the well-known consultancy said platinum consumption in autocatalyst manufacturing was up sharply in 2005, while jewellery fabrication demand declined because of high and rising prices leading to consumer resistance, especially in China.

Headline supplies of platinum and palladium posted further gains in 2005. The autocatalyst demand for palladium — by far its largest application — finally stabilised in 2005.

On April 21, platinum closed at $1,128/oz (up from $1,077 a week earlier) and palladium at $198.1/oz (unchanged) on New York Mercantile Exchange.

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