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Mtechtips Commodity Market News 3

Mtechtips Commodity Market News 3

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Published by: MtechTips on Nov 15, 2012
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Palladium to average $650/Oz in next 6 months
The palladium prices to average $650 an ounce in the the next six months, with a pricerange of $550-750/oz, said Johnson Matthey plc (LSE: JMAT), a British multinationalchemicals and precious metals company.According to the company, the balance of thepalladium market will swing this year from surplus to a deficit of 915,000 oz deficit due tolower supplies, higher gross demand and less recycling."Supplies will contract mainlybecause of lower sales of Russian state stocks, forecast to drop by over 500,000 ozcompared with last year, to 250,000 oz, while recycling will be constrained by subdued PGMprices. Gross palladium demand is predicted to rise to 9.73 million oz, driven by a return topositive net physical investment and higher autocatalyst purchasing," the British companysaid in the Platinum 2012 Interim Review.Supplies of palladium are predicted to decline to anine-year low of 6.57 million oz. Palladium supplies from South Africa are forecast to fall by6% this year, to 2.40 million oz, in line with lower underlying platinum output. Newlyrefined palladium supplies from Russia are expected to decrease due to a change in the oremix and falling average grades.
Global Gold demand down 11% Y-o-Y in Q3, 2012, ETFinflows up 56%
Global gold demand has fallen 11% in third quarter of 2012 at 1,084.6 tons down from therecord figure of 1, 223.5 tons in Q3 2011, according to World Gold Council (WGC). In itslatest Gold Demand Trends Report, WGC said that despite the fall in demand on an annualbasis, global ETF investments have risen significantly by 56% over previous year.Golddemand remains resilient. Q3 2012 was above the five year quarterly average of 984.7t. Invalue terms gold demand was 14.0% lower year on year at $57.6bn and the average goldprice of $1,652/oz was down 3% on the record average Q3 2011 price.Marcus Grubb,Managing Director, Investment at the World Gold Council said:
 “Gold is beginning to re
-establish itself as part of the fabric of the financial system. In the medium term, thequantitative easing initiatives in the West and the continuing growth story in the East,particularly in India and China, coupled with the seasonally strong quarter coming up in
Asia, are excellent indicators for further growth in the gold market.“Against a backdrop of 
continued global economic uncertainty and elections in China and the US, it is clear fromfive year rising demand trends that gold's fundamental property as a vehicle for capitalpreservation continues to endure, as evidenced by this quarter's increase in global ETFinvestment, up 56% and continued purchasing by central banks, the ultimate long term

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