-->Anbei Palladium-Update von J.P. Morgan von gestern. „JM“ bezieht sich auf den Analysten Johnson Matthey. Für alle, die es noch nicht bemerkt haben: „der letzte Dreck“ ist in den letzten 2 ½ Monaten über 40 % gestiegen…

Grüsse

Per




For Palladium JM has become positive on prospects for the metal based on the Chinese market`s impressive 71% growth in demand to a “perhaps conservative” 1.2moz level in 2005. While auto demand remains disappointing, booming platinum prices and the better margins on palladium jewelry were cited as reasons for the improved outlook. JM´s price forecast is $190/oz to 270/oz.

One area where JM remains cautious is in Russian sales. It points to a quota related transfer of palladium into European markets at the end of 2004 which appears to have put downward pressure on the palladium price for much of 2005. JM believes an application for a 2005 sales quota from official stocks is still in progress and could release Russian metal before year end. While JM believes these programmed sales are being reviewed, a more market related policy is due only in 2006 and in the mean time the last of the of the old style quota sales is in the pipeline.

We reiterate our positive view on the palladium price which is now supported by JM´s authorative views on the Chinese jewelry market. Although we would be cautious not to become too exposed to the metal in the short term, since there is risk of sales from the Russian bear disrupting prices at year end or even just profit taking from the 1moz Comex long position.

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-->Uff!!! JM ist natürlich NICHT der Analyst, sondern das Unternehmen Johnson Matthey...

Sorry!

Per

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