Platinum futures rose above $950 per tonne, the highest in almost 1 week, amid reports that rising demand from the auto industry and lower supplies are expected to reduce the metal's surplus this year. On the supply side, platinum production could be constrained by major producer Russia's conflict with Ukraine, while output from another key producer, South Africa, is also projected to fall as the country’s two largest PGM refiners and mining activity are hit by operational challenges. In addition, logistical issues and limited automotive scrap feedstock should also impede supply from recycling. “The surplus in the nearly eight million ounce a year platinum market is expected to be 40% lower than in 2021 at 477,000 ounces this year”, Metals Focus reported.
Historically, Platinum reached an all time high of 2290 in March of 2008. Platinum - data, forecasts, historical chart - was last updated on May of 2022.
Platinum is expected to trade at 916.35 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 853.00 in 12 months time.