Rhodium Outlook

[sandro1979]

Who is liquidating the long positions? Deutsche Bank ETF?

"Extremely surprising decline in Rhodium; weaker turnover for Ruthenium and Iridium of a little more interest
Rhodium has probably surprised all market participants in the past 2 weeks. After the price did not move for almost 6 weeks - but was
still well supported - there were suddenly substantial liquidations of long positions. Due to the large movement and a price change of 10%
in a very short time period, also physical traders were forced to sell. It now seems as if Rhodium is finding a floor at the current level but
there is relatively substantial feeling of uncertainty among market participants."

http://heraeus-edelmetallhandel.de/m...e_20160517.pdf

[Rhodium9000]

Who is liquidating the long positions? Deutsche Bank ETF?

XRH0 was trading at $76.50 today. Very strange, reminds me of the huge differences in pricing between the refiners and the Fanya metals exchange just before it folded.

[sandro1979]

What happens with Rhodium just makes no sense. The spread of XRHO is absurd. The trades at Comdaq don't reflect the fundamentals of foreseeable supply and demand data. Hopefully the reaction with rising prices to this long lasting shorting of positions will be accordingly.

[Davidwd]

http://www.mining.com/platinum-palla...cit-2016-gfms/

This should kick in soon.

[Flippadev]

How long you guys think the deficit will go for?

[Davidwd]

How long you guys think the deficit will go for?

Rhodium is a weird one, it sometimes does the opposite of what you would expect. I personally think that now the Bank of China and Russia are hoarding PM's they will extend their purchasing to rarer metals such as Rh. When the spike comes it will be sharp and fast IMHO.

[sandro1979]

Rhodium stabilizes after bargain sale; Ruthenium still sideways and Iridium with relatively high turnover
After the strong price drop in the second week of May Rhodium has stabilized and only suffered moderate additional losses of 15 $/oz
last week. Market participants are still slightly unsettled and keep a low profile. We could not observe any backlashes and we recorded
little initiative to use these deep prices for hedging. Weak Platinum and Palladium prices could not raise any hope for a turnaround from
this side.

http://heraeus-edelmetallhandel.de/m...e_20160606.pdf

[sandro1979]

http://www.platts.com/latest-news/me...es-at-21684340


Rhodium prices ease on small-volume sales at lower offers

Washington (Platts)--10 Jun 2016 612 pm EDT/2212 GMT

Rhodium prices moved lower this week on multiple small-volume deals done late last week/early this week at lower levels.

The Platts New York Dealer rhodium price range dipped to $625-$650/oz from $630-$665/oz, with sources putting most sales in the $635 range. The lowest sale heard was $600, with the highest sale at $665.

"It was sold hard early in the week but came it came back," said one physical dealer of PGMs in the US Northeast, putting this week's range at $600-$650. "But with the Chinese out on holiday, they weren't actively buying, and the recyclers began offering lower."

A PGMs refiner said, "There was some good two-action going on, but it was for small amounts -- 10-20 oz. Nothing of any size was going through," the refiner said, putting the week's range of physical deals at $630-$650.

One PGMs recycler in the US heard of a bid at $625, but wasn't sure a sale occurred. The recycler put this week's range of deals between $625 and $655.

A second PGMs dealer in Europe said he sold small volumes at $645 and put this week's range at $635-$650. The dealer acknowledged there might have been offers below $635, but hadn't heard of any sales.

The dealer thought rhodium prices this week were fairly similar to those seen last week.

"I do think there is a feeling that the market could move lower, just because of the inactivity in the market," he said.

Chinese market participants were on holiday June 9-10, while some US market participants began their summer holiday season following the May 30 Memorial Day weekend.

"But rhodium can also turn on a dime. If some of the industrial consumers start hedging down at this level, then we could see a pick-up pretty quickly," the European dealer said.

Base prices of major European PGM refiners eased slightly this week. Johnson Matthey of the UK and Engelhard Materials Services (BASF) of Germany lowered their rhodium base prices by $10 to $650/oz

[sandro1979]

http://heraeus-edelmetallhandel.de/m...e_20160613.pdf

Rhodium sees good demand; turnover in Ruthenium significantly higher and Iridium receives still good interest from
both sides
Rhodium has decreasing slightly by another 10 dollars and yet, the small decrease has caused a significant rising demand. But the fear of a further price decline also triggered traders to sell additional volumes and therefore the price remained more or less unchanged. Also the mines continued to sell their metal due to internal pressure. For the next few days we expect a similar scenario and therefore see little room for price movements.

[sandro1979]

https://www.heraeus.com/en/hmm/marke...t_reports.aspx


Rhodium is moving sideways; Sales in Ruthenium still good and Iridium continues to record strong interest

As expected during the reference week Rhodium moved sideways and was not able to position itself clearly. Sales were at a slightly lower level, which was partly due to the fact that buyers still act hesitantly and potential sellers slightly hold off to actively sell due to the low price. Currently there is no sign for a fundamental change, so that we do not expect major oscillations on the price side.