Despite fresh news of ongoing production problems at several key producers, the platinum market appears for many traders to be more concerned this morning about sagging global demand. July platinum prices slid down to their lowest levels since January 10th and are more than $120 lower during the month of May.
Many traders were surprised that the platinum market may have shown little reaction to a Chinese bank reserve requirement cut over the weekend. However, news of increased platinum recycling and news of a shift to a platinum surplus in 2011 from 2010 from Johnson Matthey has been seen to have pressured the market early this week.