The platinum market had a wide overnight trading range but prices have headed lower this morning, as the market may have been partially undermined by lack of progress on the US debt ceiling debate as well as by news of an Indian rate hike. While a key platinum producer overnight announced an increase in production, that news was not the primary reason behind the overnight slide in prices. There are many platinum traders who think the market may be reflecting concern with the state of the global economy, especially with the US in the middle of a political/fiscal debacle. UK GDP during the second quarter was up only 0.2%, in line with expectations but may reflect sluggish industrial platinum demand from that nation earlier in the year.
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