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PGMs rally might have gone too far

After falling sharply at the end of 2015, the prices of platinum and palladium have risen by over 20% since the start of 2016. While we remain positive on the medium-term prospects for PGMs, we think that there is an increasing risk of a short-term correction. Indeed, prices have already retraced slightly from their recent peaks of a few days ago and we would not be surprised to see further pull-backs. 

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