The week beginning 17 October saw strong physical demand for platinum in Asia. However, it found resistance on both Monday and Tuesday after markets in Europe opened, Johnson Matthey said in a report.
The Johnson Matthey's interim review predicted a 240 thousand ounce deficit for 2008. "The reaction to the news was mixed. The Asian market became positive, the European and American markets were not too excited."
Platinum came under pressure on Thursday though, as the automaker bailout continued unresolved. Prices tested $800/ounce before rebounding, possibly on positive medium term predictions from other market commentators.