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SWC 17.28 ETF Securities Sees $858 Palladium, $1,550

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JD400   Wednesday, 05/21/14 03:50:35 PM
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SWC 17.28 ETF Securities Sees $858 Palladium, $1,550 Platinum Wednesday May 21, 2014 2:15 PM
ETF Securities says it remains positive platinum and palladium price fundamentals in the long run, although it adds that a recovery in demand is a key for price gains so far this year to be sustained. Platinum is up 7% and palladium by 14% so far this year amid a strike against major South African producers. “Although both markets have become a lot tighter over the past months, we believe the catalyst for a sharp rally would be for one of the top three producers -- Amplats, Implats and Lonmin -- to fail to meet all contractual obligations or to announce active metal buying on the open market to supply its contracts,” ETF Securities says. “We believe the reason that prices have not reacted more strongly to supply disruptions is due to potential alternative supply coming from abundant above-ground stocks of PGMs. Consensus estimates indicate that the market overhang for platinum and palladium is around 5moz and 10moz, respectively, equivalent to 59% of global platinum demand and 104% of global palladium demand in 2013.” The firm says it maintains a medium-term price target of $858 an ounce for palladium and $1,550 for platinum.

By Allen Sykora of Kitco News


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