By Francesca Freeman
LONDON--HSBC Thursday cut its outlook on platinum and palladium prices for this year and next, although it expects production cutbacks to eventually lend support to prices.
The bank cut its 2012 platinum forecast by 14.1% to $1,525 a troy ounce, and its 2013 outlook by 11.0% to $1,625/oz.
HSBC now expects palladium to average $655/oz this year, down 16.6% on previous forecasts. In 2013, it sees the metal averaging $750/oz, down 9.1% on earlier estimates.
The bank also cut its 2014 outlook on both metals.
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(END) Dow Jones Newswires
August 09, 2012 05:15 ET (09:15 GMT)
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