Despite the reversal, the contract remained within Friday's range. The move was done on thin volumes, and was option-related. Most of the 10 Chinese companies that received 2001 silver export quotas from the government early in the year, have used up most of their quotas and have asked the government for extra quotas to continue exports in the second half of the year, they said. The platinum market found some demand around the 580.00 level and proped up prices back above 590.00 in July futures, but we remain concerned over the markets health as industrial demand curtails and price levels below 580 could easily be tested.
Platinum continues to have concerns about the economically oriented industrial woes.
Look for more downside as demand wanes. From TheBullionDesk - Honda is about to launch their new low PGM content catalytic converter in the next few months. Fund liquidation was seen during the day, with worries about the global economy aiding the mostly technical move. The move Friday came after a week of quiet range-bound trading between 75c and 77c, and the breakout was seen as important by some participants. Next support rests near 72c, which were the lows last seen in mid 1999.