Platinum has made attempts at a recovery, reaching a month-to-date high of $1,489 on July 4. But, with prices last at $1,394, the metal has again given up all of its gains for the year. Platinum managed to stay above $1,400 for most of July, only tumbling below that level during the last trading week in June.

Investors have grown increasingly pessimistic about platinum. Neither mine closures nor other supply risks are doing much to garner support for the metal. But Standard Bank believes prices below $1,450 represent good value.

Standard Bank also said there are record levels of open interest concentrated in NYMEX July and October contracts. As short covering is seen as the most likely move for those holding short contracts, the bank indicates that on this basis a rally is possible.