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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
COMMODITIES
- Gold, platinum & iron ore are among the many commodities that have caught a bid on the back of comments from Powell that have been broadly interpreted by the markets as dovish – with his comments aligning with a more gradual taper and no rush to hike rates.
- This precipitated a sharp appreciation in both commodities and EM FX: Gold has bumped up +0.85%, platinum +2.64% & iron ore +6.35%
- Platinum has been struggling in recent months to break out of its recent downtrend, shedding -21% from its May 2021 high at $1,281/Oz.
- Prices, however, have stabilised just below $1,000/Oz, with momentum showing positive divergence on the RSI and pointing to a potential near-term reversal higher
- While the bear channel pattern remains intact, a move through $1,035/Oz would likely confirm a break of the trend and reinforce more bullish conditions.
- Miners also expect platinum to remain in a supply deficit for the next 5 years amid higher demand from the green revolution.
Platinum
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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