The bank said Friday it had cut its outlook for platinum for the year to $1,825 a troy ounce from $1,850/oz previously, and reduced its palladium outlook to $785/oz from $825/oz.
The bank raised its 2012 platinum forecast from $1,750/oz to $1,875/Oz and its 2013 forecast for the metal from $1,650/oz to $1,825/Oz. It also increased its long-term platinum price forecast for the period from 2014 to 2018 by 10.8% from $1,625/oz to $1,800/Oz.
HSBC also increased its 2012 palladium forecast from $750/oz to $810/Oz, its 2013 palladium forecast from $725/oz to $825/Oz, and its long-term palladium forecast by 21% from $700/oz to $850/Oz.
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