Morning Platinum Market Report 10/16

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Platinum prices appear to have put together a more impressive recovery than either gold or silver during overnight trading action. Residual labor turmoil in South Africa is expected to provide some support for platinum prices today, and perhaps a better physical commodity market environment today will also serve to support platinum prices. 

Some traders saw the overnight rally back above $1,650 as a positive development, but other traders have noted that the market was initially unable to sustain that recovery. As in gold and silver, many in the market will be interested to see if platinum is undermined again today in the wake of positive US scheduled data, as that type of news reportedly pressured precious metals prices yesterday. 

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*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.

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