South32 expects to start rebuilding at Mozambique project after post-election hit
Earlier this month, the company retracted its output prediction for the Mozal aluminum smelter in Mozambique.
Unless it mounts a challenge against its $1,500 resistance level, platinum will “stay on loose grounds” and will fail to attract new investment.
CPI Financial released its Precious Metals Report on Thursday. Platinum finished the week at $1,403, down $2 from last week.
“The outlook for platinum appears to be still weak, but the rally on Friday, with a close back above the $1400 level, was important,” wrote the report’s authors.
“There has been no visible new interest from the investment community in platinum and there seem to be no tangible steps visible to close the gap of oversupply to an already saturated market.”
Palladium was up a modest $3 from last week to $577 mostly due to a recent equity rally; however, investor interest in the metal is low.
“ETF holdings have seen some small outflows in the week but the interest and the price movements of palladium are very subdued.”
Image of one litre of 99.9% pure platinum, 40×25, manufactured into 1cc cubes to 5 micron accuracy
