As vehicle production rises and more highly platinum-loaded gasoline autocatalysts are introduced, there is an increase in demand from the automotive industry. Although Covid lockdowns in China have hurt jewellery demand, industrial demand is also rebounding. According to industrial consumer Johnson Matthey’s platinum price graph, platinum started the year at above $1,100 an ounce and surged past $1,300 in February – a seven-year high – as the recovering automotive sector lifted demand. Prices started to fall in March as vehicle production constraints weighed on the market. Platinum prices hit a low at $930 an ounce on 20 September before rebounding to above the $1,000 level in the next few sessions. As to what is holding back platinum prices, Raymond said that the market needs an infusion of new capital.
Will the price of palladium go higher over the years? Preliminary data shows the Mississippi River at Memphis has hit an all-time record low stage of -11.01′ this afternoon. This data will need to be verified by the USACE. Automotive demand continues to gain from the substitution of some platinum into gasoline autocatalysts which are review mba asap 10 minutes to: understanding corporate finance being more widely used, particularly in China and North America and to a lesser extent in Western Europe. Concluding, the overall trend for Silver appears bearish, especially under the $22.25 mark, corresponding to the 50% Fibonacci retracement level. Simultaneously, Silver’s positioning below the 50 EMA fortifies the bearish view.
- Russia’s role in platinum-group metals (PGM) production pushed the metal to US$1,152 per ounce in March, its highest point since June 2021.
- In the beginning at 1342 A$.
- On a vastly different note, palladium is expected to turn its sharp bearish trend into a bullish one by the end of the year (taken from Long Forecast).
- At the end of the month 1476, change for December -3.5%.
- At the end of the month 1499, change for October -0.7%.
Anhydrous was 14% higher compared to last month with an average price of $790 per ton. Once again, both MAP and UAN32 were 6% more expensive compared to last month. MAP had an average price of $791/ton, while UAN32 was $414/ton. DTN writer Russ Quinn reported yesterday that, “Retail fertilizer prices continued to be evenly split the first week of October 2023 with half lower and half higher compared to last month, according to sellers surveyed by DTN. The big eventual kahuna for platinum is the so-called hydrogen economy.
Follow Kitco News
As more countries implement stricter emission standards to combat pollution and global warming, the demand for autocatalytic converters has risen, boosting global platinum demand. The platinum price fell over the past week as lower automotive catalytic demand ameritrade forex broker and a stronger US dollar weighed on the market. In 2022, Nornickel expects the market to swing to a 59 kt surplus in the base case scenario, mostly in low-grade nickel, and the high-grade nickel market is forecasted to be balanced with a risk of deficit.
At the end of the month 1264, change for September -4.5%. Platinum price prediction for July 2027. In the beginning at 1495 A$.
- This is expected to continue this year as well, leading to a further supply crunch for platinum.
- In the month of January, it is said to open at 1420 and close at 1478.
- Platinum’s doldrums may continue for the time being.
- At the end of the month 1471, change for June 5.4%.
In the beginning at 1443 A$. At the end of the month 1354, change for August -6.2%. Platinum price forecast for June 2024. In the beginning at 1395 A$.
Daily platinum closing price worldwide in February-April 2022
This translates to a 24% increase since January of 2021. But that doesn’t accurately capture the reality of the everyday price increases that are still cramping your wallet, even though the broad inflation trend continues to ease. Longer term, the PGMs specialist expects platinum’s place in the hydrogen economy to play a role in its growth. Whether Chinese imports are going to the automotive sector, stockpiling or to build the nation’s hydrogen sector is unknown.
Last year, the dollar appreciated nearly five per cent against the rand, while platinum prices advanced more than 11 per cent during the same period. The price of platinum has surged above its pre-pandemic highs since 2021 started, as the imbalance between demand and supply levels has kept the post-pandemic bull run going. This thirty-sixth edition of Platinum Quarterly, published on 6 September, includes Q2 platinum supply
and demand data and analysis and an updated forecast for full-year 2023.
Factors affecting the platinum price
Palladium (Pd) is a soft silvery-white metal, one of the platinum group metals (PGMs) along with platinum, ruthenium, rhodium, osmium and iridium. It is dense, stable and rare. Meanwhile, Bloomberg writer Hallie Gu reported today that, “China is scouring the globe for wheat, powertrend with annual imports on track to hit record levels, as buyers scoop up cheap supplies after heavy rains damaged the domestic crop. Quinn indicated that, “One fertilizer was just slightly higher in price compared to last month. Urea had an average price of $573/ton.
That’s why platinum credit cards are of higher status than gold and why, in the world of album certification, platinum (one million units sold) ranks higher than gold (half a million units). Roughly 75% of annual global supply comes from one region of South Africa – the Bushveld, three hours drive to the northwest of Johannesburg. Yet last week the World Platinum Investment Council published its Platinum Quarterly (for the fourth quarter of 2022) and revised its forecast for 2022. If you are one of our regular readers, you know that we have often pointed out that platinum is scarce. Because it is not mined in many regions of the world, demand for it is high, and is likely to remain so .
The ever-present third is the most likely. Strikes and power failures were both catalysts in the 2000s when platinum enjoyed an epic run north of $2,200/oz. Today it sits at around $970. In these inflationary times, it is hard to find an asset so far off its highs. But when it comes to disappointment, platinum, like silver, can be relied on to deliver.
Investors are also keeping a sharp eye on the Russia-Ukraine conflict developments, to watch out for further sanctions, as well as a worsening energy crisis, both of which could hit platinum prices hard. Mine production during the year is also crucial in determining whether platinum can meet its new overwhelming demand at the moment. Furthermore, a weaker US dollar (DXY) has contributed heavily to rising commodity prices in the last few weeks.
Is it a good time to invest in palladium?
If you missed last night, you can catch a free replay of the event right here. As a result of the automobile sector’s ongoing manufacturing constraints caused by the global semiconductor shortage, many market participants have cut their expectations for the platinum price this year. Car makers reduced the number of vehicles manufactured this year as a result of the global semiconductor shortage, leading to lower platinum demand, which has weighed on prices. Platinum is a key metal in catalytic converters – it reduces the toxic emissions of nitrogen oxides into less harmful gases.
Analysts cut short term platinum price forecast
Platinum is rarer than gold, which is why it is more expensive. In 2008 it was more than double the gold price. The historical average is 1.25 times. With gold sitting at around $1,900/oz, you would expect the platinum price to be trading around $2,400. Global automotive demand is on the increase. We are not yet at pre-pandemic levels, but demand appears to be shrugging off issues arising from lockdowns in China, the war in Ukraine, chip shortages and cost-of-living concerns.
Platinum Quarterly is commissioned by the World Platinum Investment Council
and based upon independent research and analysis conducted by Metals Focus. We publish similar commentary every quarter ensuring
greater transparency of the global platinum market and the delivery of regular
data to investors. The next Platinum Quarterly will be published on 21 November 2023. According to Heraeus, global platinum demand will benefit from increased HDV sales in other regions in 2022, such as India. Global demand from this sector is predicted to rise by 3%.
He went on to point out that Chinese platinum imports have ballooned in recent years, similar to palladium in the 2010s. The chart above shows how the latest uptrend has already broken above that long-dated $1,040 ceiling, with the price now approaching a first target of $1,150 per ounce if the bull run continues. The forecast is updated on daily basis.
Platinum will continue to be used in industrial catalysts, in catalytic converters, in hydrogen fuel cell cars, in jewelry, in electronics . And in countless other ways. We’re going to have some sort of change next year because consumers are really upset about all the food and energy inflation. And, of course, high housing costs as well. In the wake of the inflation data, those odds fell to 61% yesterday, but are edging higher as I write Friday. Well, two days ago before the CPI print came out, the majority odds were that the Fed would leave rates unchanged in December from today’s 5.25% – 5.50% target rate.
