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Video / 23 September 2015 at 10:04 GMT

Hansen: Volkswagen scandal drives down industrial metals

Ole Hansen
Industrial metals are being hit by the Volkswagen scandal and in particular platinum, says Saxo's Ole Hansen. It's hit a six-year low because of its contribution to catalytic converters in diesel engines. Hansen describes this a 'preemptive strike' by the market and notes that its discount to gold has reached 17%.

Gold meanwhile is holding on to most of its gains following the dovish FOMC statement. While gold priced in dollars is up on the week, gold priced in euros is up even more. Ole explains that this is because the market is speculating about the additional quantitative easing measures being put in place by the European Central Bank, adding support to gold.

Copper on the other hand is being hit hard, despite leading the industrial metal sector in August. Fears over falling demand, particularly from China, are worrying markets. Hansen notes that as copper falls so too are shares in mining company Glencore.
4y
Dimitrios Tamvakas Dimitrios Tamvakas
It is amazing that everybody is trying to find connections and clues on why commodities are falling ,... now it is VW as it seems that the auto industry will stop producing cars anymore... ....!!! I understand it is very difficult to write something on a daily basis...but to find connections all the time is quite problematic.
4y
Alex Forrest Whiting Alex Forrest Whiting
Thanks for your comment Dimitrios. In this video, Ole Hansen also discusses gold and why it's continuing to find support. He also looks at copper and why it's struggling - and it's nothing to do with VW. Thanks again, Alex
4y
Ole Hansen Ole Hansen
With regards to the VW connection the market is right in trying to gauge the potential change in the demand outlook for platinum (used in diesel cars) and palladium (gasoline). So while the market is not looking for VW to stop producing cars it is the potential threat to diesel they are responding to. Attached you can see the divergence between the two metals since Monday.
Commodities are generally falling as a slowing demand, not least from China has caught producers off-guard and the painful price adjustment to a lower demand regime is what we are currently going through.

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