Palladium rises on improving investment demand

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Source: Dukascopy Bank SA
Precious metals except for gold advanced on Monday amid hopes the Fed will continue its loose monetary policy as Ben Bernanke said on Saturday that the US economy still faces downside risks. Moreover, persistent supply concerns lent additional support for platinum and palladium.

Gold was the only loser, being pressured by solid greenback. At the same time, speculation that physical demand from China will increase after the Lunar New Year holidays was supportive for the yellow metal.

Silver rebounded on hopes a recent fall in prices may boost physical demand. However, the grey metal remained under notable selling pressure amid weak gold prices and firm US Dollar.

Platinum rallied on escalated supply concerns after Anglo American Platinum reported about new clashes between rival groups at its Siphumelele mine.

Palladium jumped on signs of strong investment demand. Physical palladium ETPs witnessed inflows of USD24 million amid strong automobile demand in and a deficit on the physical markets as sales from Russia are declining.
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Tue, 19 Feb 2013 10:08:07 GMT

Zinc slid despite brighter demand outlook

Industrial metals were bearish on Monday amid weak appetite for growth sensitive assets. The risk sentiment remained weak after the data last week showed the Eurozone's and Japan's economies performed worse than expected in the last quarter of 2012. Aluminum retreated from a six-week high on concerns that Chinese investors who returned after holidays will start selling the lightweight metal.

Tue, 19 Feb 2013 08:40:03 GMT

Aussie rises after RBA minutes

Australia's Dollar strengthened versus major counterparts in early Asian trading session after the minutes of the RBA's latest meeting showed sturdy demand for commodities and improved global outlook have contributed to expansion in economic activity. The Aussie touched the highest level in 4 days at 1.0333 versus the greenback, jumping 0.24%.

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