Platinum and palladium import data could signify diverging fortunes
Beijing-China (July 23) Trade data out this week saw some interesting trends for both platinum and palladium, which could signify diverging price direction for the two precious metals in the coming months, analysts said.
Chinese data showed platinum import volumes lagging substantially compared to the same period in previous years. In the first half of 2014, China imported 1.18 million ounces of platinum, compared to 1.41 million ounces in first half 2013.
While platinum imports could trend higher in the second half, commodities strategist Walter de Wet from Standard Bank said imports are unlikely to improve substantially, unless prices move significantly lower – below $1,400 per ounce.
Platinum was last trading at $1,480/1,489 – a $3 loss on the previous day’s close.