Platinum

Platinum futures rose above $1000 per tonne, the highest in over 2 months amid prospects of tight supplies and a recovery in demand from top consumer China. Consumption is set to increase in China as the government announced support measures to boost the covid-hit economy and lifted most of the health restrictions in Shanghai. At the same time, concerns of supply-chain disruptions persist as the war rages in Eastern Europe and more sanctions are imposed on Russia, the metal’s top exporter. Also, South Africa’s platinum production is set to fall amid risks of prolonged strikes as workers protest for wage-negotiations.
. Historically, Platinum reached an all time high of 2290 in March of 2008. Platinum is mostly traded on the New York Mercantile Exchange, the Tokyo Commodity Exchange and the London Bullion Market. Platinum futures contract trades in units of 50 troy ounces. Platinum is among the world’s scarcest metals and is used primarily in the production of automotive catalytic converters, in petroleum refineries and in the chemical and electrical industry. South Africa accounts for 80% of production followed by Russia and North America. Platinum prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our market prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so.

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