NEW YORK (Scrap Register): Platinum prices danced around the prolonged strike action in the first half of the year but in September have tumbled to fresh intra-year lows below $1350 an ounce.

Although prices had see-sawed modestly higher they failed to gain meaningful traction above $1500/oz, despite in excess of 1Moz of supply being lost, as abundant stock levels kept the market well supplied. In Barclays' view, platinum prices are likely to find support, albeit at lower levels.

Supply is ramping up and the producers note the ramp-up is progressing well. Platinum sponge has failed to move significantly into positive territory and, despite Impala reporting a two day safety stoppage, prices failed to take note, underscoring that the market remains well supplied.