Platinum futures plunged to a 19-month low of around $900 per tonne, sliding from a 1-week high of $920 hit in the previous session as prospects of weaker demand outweighed fears of tight global supplies. As major central banks are determined to raise interest rates to tame inflation despite a possible recession, a slowdown in global economic activity, including vehicle production, is inevitable. Platinum is used as an auto catalyst to reduce pollution in automobiles and has become a cheap substitute to palladium. Platinum futures rose to a 1-week high of $ 920 on June 29th, amid fears of lower global supplies after Britain sanctioned Vladimir Potanin, the chief executive and principal shareholder of 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 July of 2022.
Platinum is expected to trade at 865.48 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.