Like gold and silver, some traders feel that the platinum market has extended this week's recovery but at a less aggressive pace. Like silver, platinum is probably finding support from large gains in gold prices, but platinum is not expected to receive a full measure of safe haven buying. However, other traders feel that platinum will find support from fresh expectations of easing and given the magnitude of the February through May slide of $320 an ounce, an impressive short covering rally would not be that surprising. Platinum might be garnering some additional support from favorable Chinese platinum demand forecasts overnight but with a large portion of global markets starting to fear the worst from the Euro zone, projections of stronger physical demand for platinum might not carry that much credence. Furthermore, news of some labor turmoil at a South African platinum facility might provide some minor support to platinum prices.
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