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Barclays: Growing Chinese platinum and palladium demand will underpin prices
Release time:
08 May,2015
Barclays' report predicts supply shortfalls for both platinum and palladium in 2015.
Barclays' report indicates that platinum and palladium are both expected to have supply shortfalls in 2015.
Barclays' report states that increasing demand for platinum and palladium in China will provide a support base for platinum and palladium prices.
The report states: "We anticipate supply shortfalls for both platinum and palladium in 2015, but recent concerns center on demand, particularly from China, which has impacted prices."
The current platinum price has fallen by approximately 10% from its February high, while the palladium price has dropped by approximately $100/oz from its 2015 high.
However, Barclays believes that platinum and palladium prices will find support from Chinese demand. Platinum imports to China increased in March and April, reaching their highest level since December 2013, while palladium imports rose to their highest level since August 2014.
Barclays' report states: "We believe that a more cautious interpretation of individual data is warranted, but platinum trading volume on the Shanghai Gold Exchange (SGE) has increased when the price in local currency reaches 240 yuan/gram. This indicates that the Chinese market is price-sensitive, and lower prices will attract more physical demand."
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