January platinum remains under pressure this morning, with prices reaching their lowest levels since mid-October during overnight trading. Many traders feel that the platinum market will remain on the defensive today from a credit ratings watch put on 15 Euro zone nations. Any substantive improvement in broad market sentiment may require some level of progress towards resolving the EU debt crisis. There is some chance that a large equity market recovery can lift January platinum prices, but some traders feel that a lack of positive market could lead to a retest of the mid October lows. Australia's Central Bank cut their benchmark interest rates by 0.25% today which may lead to higher industrial platinum demand from that nation over the next few months.
Join the Discussion