Platinum futures retreated below $900 per tonne, the lowest in 20 months and down more than 20% from its 8-month high of $1153 hit in March, as prospects of lower demand outweighed fears of lower supplies. As major central banks around the world are raising interest rates to fight inflation, fears of economic slowdown and demand destruction loom large. At the same time, production from South Africa, the top producer of the metal, has fallen as surging production costs have made mining expensive in the country. On top this, palladium exports from Russia, one of the other leading shippers, have been disrupted as the West continues to impose trade restrictions on Moscow, in retaliation to Russia’s invasion of Ukraine since February.
Historically, Platinum reached an all time high of 2290 in March of 2008. Platinum - data, forecasts, historical chart - was last updated on June of 2022.
Platinum is expected to trade at 886.26 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 825.46 in 12 months time.