As platinum ETFs faced more drawdowns, bar and coin demand made an incremental move, growing by 2 percent to hit 340,000 ounces in 2022. Purchases are expected to strengthen in 2023, with the bar and coin sector anticipated to see a 49 percent uptick. 2021 was a record year for platinum industrial demand, and while 2022 brought a contraction of 14 percent, Sterck expects 2023 aafx trading to be another period of record-setting buying from this segment. According to a Reuters poll conducted in late October, analysts and traders have lowered their price forecasts for platinum this year to an average of $1,000 an ounce in the fourth quarter and $1,100 an ounce in 2022. Higher energy prices could accelerate plans to develop hydrogen fuel cells, Raymond said.
At the end of the month 1422, change for October 0.1%. However, increased platinum demand brought about by this legislation was offset by lower HDV sales in China. In China, vehicle output fell in October to 2.33 million units, down 8.8% from the same month last year, data from the China Association of Automobile Manufacturers (CAAM) shows. Total output in the first ten months this year increased by 5.4% year-on-year to 20.59 million units. The rally at the end of October was driven by inflationary concerns – prices for consumer goods and services have been rising globally throughout the year. The automotive sector is the largest consumer of platinum, followed by other industrial end-users, like chemical, petroleum, electrical, glass, medical and biomedical.
- It’s the fourth consecutive month of decline this year, according to data published in November by the European Automobile Manufacturers’ Association (ACEA).
- At the time of writing, platinum was trading at about $1,093 per troy ounce.
- For its part, the recycling segment contracted by 13 percent, or 61,000 ounces, in 2022.
- But in 2022, the price shot up over concerns of a shortage.
Secondary platinum supply grew by 5% to 1,830 Koz last year as gains in auto catalyst and industrial recycling offset a small decline in jewelry recycling. This year, platinum recycling is predicted to be up just 10 Koz owing to a modest increase in jewelry recycling, more than offsetting slight declines in auto catalyst and industrial recycling. The production of platinum is expected to increase by 3% to 6,270 koz globally in 2022. Processing accumulated material boosts output once more, although, in 2021, processing was a noticeable increase. Estimates place the supply of platinum from South Africa at 4,570 Koz, up 2%.
The price is updated every 15 minutes. “The new rules have added to the cost of vehicles and, as has been the case prior to the introduction of previous standards, customers purchased new trucks ahead of the change,” said Heraeus. “Despite the recent drop in sales due to the ongoing impact of the semiconductor supply crisis, substantial gains earlier in the year helped to keep cumulative volumes in positive territory,” said ACEA in its report.
First, a change in attitude towards diesel. Second, the hydrogen economy takes off. Third, something goes wrong in South Africa.
OPEC Boosts 2023 Oil Demand Forecast Amid Strong Chinese Demand
Platinum price prediction for March 2025. At the end of the month 1533, change for March -2.5%. Platinum price prediction for January 2025.
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Manufacturers of industrial catalysts, spray nozzles that are used in manufacturing, and even platinum engagement rings can simply buy all the platinum they want. And platinum prices, during 2021, which were highest in January, have trended down. review time series analysis It is now trading at $960.00. In short, this is an investment tool combining fundamentally superior businesses with a Predictive Alpha AI trading too that’s eerily accurate at projecting stock prices over the short term – roughly one month out.
The auto market (10% increase in demand); other industrial demand (12%), and investment demand is also forecast to increase. After two years of surpluses, the platinum market is forecast to move to a material kvb forex deficit in 2023. There was a 776koz surplus in 2022. That will become a 556koz deficit in 2023. In other words a 24% increase in demand but just a 3% increase in supply. (Supply was down 12% in 2022).
Why are palladium prices dropping?
At the end of the month 1471, change for June 5.4%. Platinum price forecast for April 2024. In the beginning at 1401 A$. At the end of the month 1314, change for April -6.2%.
Although it is still trading at about 7.5% down from its early-March 2022 highs, at the beginning of the Russia-Ukraine conflict, the metal has still made significant progress in these last few months. Many sources expect the price of palladium to increase over the years. Take a look at the table below for a detailed projection up to 2030. The global jewellery market size is expected to expand at a CAGR of 8.5% from 2022 to 2030. Palladium fits into the ‘other’ segment and follows a similar dynamic as platinum, gold and diamonds.
At the end of the month 1573, change for February -0.7%. Platinum price forecast for December 2024. In the beginning at 1573 A$.
But depending on the US dollar, a recovery in commodities Platinum prices will take some time. Platinum is one of the rarest metals in the world, and due to its unique properties, it is highly prized across various demand categories. Platinum’s special physical and catalytic properties have made it valuable in industrial applications.
Ascending, immediate resistance for Silver is seen at $22.29, followed by $22.99 and a steeper climb to $23.81. On the flip side, support levels are laid down starting from $20.79, with added cushions at $19.99 and $19.27. The 50-day Exponential Moving Average (EMA) for Silver is situated at $21.85, with the current price under this EMA, implying a short-term bearish sentiment. On the flip side, some of that repressed demand and the ongoing substitution of palladium for platinum helped push platinum demand from the auto sector up 25 percent year-over-year.