Platinum futures approached $880 per tonne, rebounding from a 22-month low of $844 hit on July 14th, tracking a pause in dollar rally after Fed Chair Jerome Powell highlighted possibly slowing the pace of interest rate hikes amid contraction in the US economy. Cheap dollars encourage foreign investors to buy the dollar-denominated commodity. On the supply side, shipment disruptions from Russia are expected to keep the metal supplies lower as the war rages in Ukraine and the West continues to impose trade sanctions on Russia. Earlier in June, Britain sanctioned Vladimir Potanin, the chief executive and principal shareholder of the Russian mining giant, Nornickel. Nornickel is the third largest producer of platinum, with a global output share of 10%.
Historically, Platinum reached an all time high of 2290 in March of 2008. Platinum - data, forecasts, historical chart - was last updated on August of 2022.
Platinum is expected to trade at 910.19 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 847.75 in 12 months time.