The recent rally in platinum group metals (PGM) prices has been stronger than we had anticipated and may not be sustainable. Indeed, prices have already retraced slightly from their recent peak of a few days ago and we would not be surprised to see some further temporary pull-backs in the coming weeks, perhaps triggered by the resumption of interest rate hikes in the US or by a ramp-up in output as a result of the recent price rises. Nonetheless, the recovery in prices has been consistent with the big picture of diminishing supply, relatively strong demand and improving investor sentiment that we expect will lift prices further over the medium term.
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