By Allen Sykora Platinum group metals have bounced from their recent long-time lows as risk sentiment improves again, says one trader. This began after news Wednesday that European officials were in talks on a plan to recapitalize Europe’s banks.
Still, cautions the trader, the sentiment may not last as the market continues to monitor whether Greece will default on its debt. As of 8:24 a.m. EDT, Nymex January platinum was up $20, or 1.4%, to $1,502.90 an ounce after falling as far as $1,434.50 Wednesday, the metal’s weakest level since late 2009.
December palladium was up $17.20, or 3%, to $587.55 a day after a one-year low of $535. U.S. equities rose on Wednesday and stock-index futures are higher so far ahead of the open on Wall Street Thursday.