The platinum market found some initial strength during early overnight trading, but turned completely around to move sharply lower. A nearly $40 pullback from overnight highs has created a daily range today that is larger than the previous 4 sessions combined. Carryover strength from precious metals markets was unable to overcome the heavy negative pressure that many traders have placed on industrial metals from the market turbulence created by recent events from Libya and Bahrain. A selloff in the Dollar has been seen as providing some support for the platinum market, but many traders feel that there does not appear to be enough safe-haven support to keep April platinum close to the highs for this recent recovery rally. A private survey of German Business Sentiment during February was at 111.2, higher than expectations as well as a record high level, which may be a sign of stronger upcoming platinum demand from German automakers.
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