Morning Platinum Market Report

Platinum prices have found moderate support this morning but remain near the lower end of the recent selloff. Reports of value hunting physical buying from India may have provided support for the market during the overnight session. However, platinum might find pressure due to less than supportive supply/demand forecasts from Johnson Matthey yesterday, who predicted that the global platinum market would remain in a surplus status during 2012. In the near term, the ebb and flow of global macro economic expectations is likely to remain the driving force for platinum prices and while macro economic sentiment this morning is marginally improved, the big negative of the Euro zone situation hasn't been resolved yet. Without a slightly better than expected US retail sales result, a sluggish macro economic outlook might put pressure back on platinum prices.