The underlying matter of the latter just peaking at 640

Those who questioned the reasons for the flight of about 60 of the course of the Platinum since the beginning of the year yesterday received a clear answer. Johnson Matthey, the first processor in the world of this precious metal, has provided it for the publication of his semi-annual report on the platinoïdes group. After the appearance of an oversupply of the 140,000 ounces in 2009, the market equilibrium will topple with a modest deficit next year. Deutsche Bank NET this expectancy default to 230,000 ounces.

Unlike the triumphal March of gold, the advance of Platinum is not primarily because of speculative investment, even if this component of demand is of growing importance. Even this year, while it has melted from 33 in volume, at 2.48 million ounces, the request of the leader of the platinum-group depends heavily (at height of 42 of the total) purchases of manufacturers of catalysis for automotive systems. However, this segment of the application, provides Johnson Matthey, gradually bottom of final stocks back to automakers immersed at extremely low levels.

Increase in mining production

The other large purchases of Platinum trigger is investment. And including financial investments made on index funds of this precious metal traded, the Platinum "trackers". The underlying matter of the latter just peaking at 640.000 ounces. The never-seen since the appearance of these index funds in April 2007. Nothing that in 2009, net investments in these securities resulted by the addition of approximately 75,000 additional ounces of collateral with respect of the "extraordinarily high for 2008 levels."

The success of the Platinum "trackers" is likely to intensify in 2010, if the project of lancer an index fund in the United States materialises. At this stage, the probabilities that he sees the day high, certify the drafters of the report. Once listed, this new title would provide "hundreds of thousands of additional ounces of net investment", add. The only true mixed note on the other hand concerns the early evolution of purchases on the part of the jeweller industry. Johnson Matthey said that, in 2010, demand from Jewelers should fall. The use of recycled metal and the decline of Chinese purchases after the recovery of the stocks reached this year will play a vital role in this retreat.

Another factor of weakening of the course will be represented by the rise in mine production expected next year. Monday, Lonmin, the third largest producer of platinum in the world, announced that he intended to carry the flow of metal refined 700,000 ounces of here in late September 2010 and 850,000 ounces to the year 2013 ("Les Echos" of yesterday). In total, the Platinum market should be tender in 2010 to measure of the progress of the recovery of the global economy, summarize economists to revel in Johnson Matthey.

The robustness of the fundamental depends also on non-negligible proportions of the trajectories of the dollar and inflation. Therefore, to integrate these unknown, Johnson Matthey offers a prediction of range of the course quite large for the next six months, between 1.280 and 1,550 dollars an ounce.