We expect slowing industrial demand, especially from the automotive sector, to cause the price of platinum to slide from around $1,800 per ounce to a low of $1,500 in 2012. Palladium may be better supported in the short-term by developments in China, by increasing substitution, and by a slower pace of Russian destocking. But we also expect the price of palladium to fall next year, from $790 per ounce currently to around $675.
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