Platinum Group Metal (PGM) prices continued to fall in the month of September, with platinum and palladium hitting multi-year lows and all three metals posting double-digit month-on-month losses, said a Standard Bank report.
The PGMs traded far below their individual 200-day moving averages, driven lower in part by a stronger dollar and softer commodity prices in general, it said.
The report further added that the deteriorating outlook for the global economy was another contributing factor to the weakness in price. A significant source of downside pressure was attributed to data released during September showing marked declines in auto sales in Europe as well as in several key emerging markets, such as China and India.
The PGMs traded far below their individual 200-day moving averages, driven lower in part by a stronger dollar and softer commodity prices in general, it said.
The report further added that the deteriorating outlook for the global economy was another contributing factor to the weakness in price. A significant source of downside pressure was attributed to data released during September showing marked declines in auto sales in Europe as well as in several key emerging markets, such as China and India.
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