The July platinum contract has started out this morning under severe pressure, as prices are within close proximity to their lowest levels since early January. As with the rest of the metals complex and many other physical commodities, fears of a return to global recession are widely seen to be pressuring prices. While there have been periodic hopes of easing action from major central banks, some traders feel that it could be difficult to alter the current downtrend in platinum without very significant positive market news. Chinese manufacturing data fell sharply lower, which was then followed by a wave of softer than expected private surveys of European manufacturing, so many in the market feel that it could take a string of better than expected US economic numbers this morning to create modest improvement with sentiment toward physical commodity markets like platinum.
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