Disappointing auto sales in China added to weak market sentiment, but we believe this price is inconsistent with underlying fundamentals.

A challenging supply backdrop, heavy platinum loadings, substitution away from Palladium and increasing use of hydrogen fuel are all long-term supports for Platinum. Further, prices have fallen to near cost-of-production, which could disincentivise already challenged producers. We therefore expect Platinum to find its floor near the current level.