October platinum had an extended down range day along with the S&P 500 but managed to close above key support at $1550. Until the economic outlook improves we think platinum will test its next support level at $1526 with some bargain hunting buying along the way. The bias is down but we don’t see platinum going into plunge mode just yet.

The S&P closed beneath its May flash crash low today. That is not good for industrial metals. Copper took back all of last week’s gains today with September futures down $.1590 to close at $2.9305.

Oct platinum $1,555.10, down $15.30; Range $1,537.00-$1,574.30

Sep palladium $454.40, down $18.05; Range $448.00-470.55