Prices have moved within a relatively tight trading range of USD800-1,050 per ounce in recent years, moving above this briefly in 2021 and again in the wake of Russia’s invasion of Ukraine in February. The metal has lost nearly 6% this year. In contrast, its sister metal, palladium, has gained around 6% this year.
Platinum correlates with gold, so speculative demand for it may fall as global interest rates rise and other assets look more attractive.
New car registrations in Europe fell by 14% year-on-year in January-June; further falls will further reduce demand for metal inputs.
Anglo American Platinum has agreed a five-year wage deal with South Africa’s mineworkers’ union; wage pressures will increase elsewhere.
Shanghai Gold Exchange platinum trading rose this summer; of the precious metals, platinum is least correlated with interest rate rises.
