Platinum futures extended losses towards $950 per troy ounce, a level not seen since November 2020, on demand concerns from the automotive industry, where the metal is used in catalytic converters, because of the global semiconductor chip shortage. General Motors revised higher the impact of the chip shortage in car output, stating that 1H 2021 will see less 200,000 vehicles leaving assembly lines than expected, compared to the loss of 100,000 units forecasted in August. The North American carmaker’s announcement followed similar statements by Asian and European peers, who have recently cut output and sales forecasts due supply issues and chip shortages, made worse by the resurgence of COVID-19 cases in Asia.
Historically, Platinum reached an all time high of 2290 in March of 2008. Platinum - data, forecasts, historical chart - was last updated on September of 2021.
Platinum is expected to trade at 917.76 USD/t oz. by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 851.42 in 12 months time.