International Business Times reported that in 2014, platinum supply and demand fundamentals will be primarily driven by South Africa, China and Europe. Circumstances in all three countries are expected to keep the precious metal in deficit.
Articles Tagged "platinum price"
The Financial Times reported that platinum prices have sunk to a one-month low, pulled down by gold, which has fallen as a result of "easing political tensions after the deal with Iran" regarding its nuclear program.
The Economic Times reported that HSBC Holdings plc (NYSE:HSBC) has lowered its platinum price forecast to $1,500 per ounce for 2013 and $1,625 per ounce for 2014. That is down from a previous forecast of $1,580 per ounce in 2013 and $1,725 per ounce in 2014.
Mineweb reported that a recovery in the Western European car market may push platinum prices up next year, largely due to the fact that European demand accounts for around one-third of global platinum demand for use in autocatalysts.
Bloomberg reported that platinum futures for January delivery rose 0.5 percent, to $1,418.10 per ounce, on the New York Mercantile Exchange. Earlier in the day, the price hit $1,405.10.
Johnson Matthey said in its Platinum 2013 Interim Review that platinum looks set to record a 605,000-ounce deficit this year.
Reuters reported that according to Johnson Matthey's Platinum 2013 Interim Review, this year platinum will hit its largest deficit since 1999 on the back of strong investment and industrial demand.
Reuters reported that analysts are surprised that strikes in South Africa have done little to move platinum prices this year. In 2005, striking in that nation pushed prices for the metal to record highs.
Bloomberg reported that next year, as record global car sales keep them in short supply, platinum and palladium will be the best-performing precious metals.
In its weekly bulletin, Platinum Today reported that although platinum prices lacked momentum at the beginning of the week, the metal rose on Friday as the United States' credit rating was downgraded and a National Union of Mineworkers (NUM) official was shot in South Africa.