| Experts ups long-term platinum outlook – 10/04/02 | ||||
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Global equity broker Merrill Lynch has increased its long-terms forecast for the platinum price, from US $450 an ounce to US $500 per troy, and decreased its long-term forecast for the palladium price to US$ 300 from US $ 320 per troy. We see good balance in the platinum market (auto catalysis and jewellery growth continues) that has lead us to raise the long-term platinum price by US $ 50 to US $ 500 per troy,” Merrill Lynch said in a research report. Despite the current weak global environment, the two key areas of platinum demand are strong auto catalysis, increasing legislation drives demand, and jewellery. China in particular continues to grow at an astounding pace. In palladium, there is potential for oversupply in the metal as other metals are being used as substitutes for palladium in electronics and auto catalysis because of palladium`s high prices in 2001. In addition, Russia is believed to have significant above ground stocks and is currently holding those stocks off the market. Platinum was fixed in London on 3rd of October 2002 p.m at US $ 558 and palladium at US $ 319 per troy. |
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