Platinum

Platinum futures extended gains toward $1,100 in January, their highest level in ten months, as demand was forecast to outpace supply this year. The platinum market is expected to record a deficit of about 303,000 troy ounces in 2023, switching from a surplus in 2022, according to the World Platinum Investment Council. Supply is projected to rise by only 2%, while the demand's increase is estimated at 19%, boosted in particular by China's consumption of cars and jewelry. In Q4 2022, China stepped up its platinum buying, anticipating a pickup in its industrial and automotive manufacturing activities. On the supply side, ongoing issues with adverse weather, labor union problems, and high energy prices led major platinum miners, including Sibanye-Stillwater in South Africa, to reduce their production guidance.

Historically, Platinum reached an all time high of 2290 in March of 2008. Platinum - data, forecasts, historical chart - was last updated on January of 2023.

Platinum is expected to trade at 1116.55 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 1199.94 in 12 months time.