Expert platinum market insights
Our quarterly platinum outlook is published in our Quarterly Metals Report, which covers base, precious and ferrous metals. The impact of supply and demand fundamentals and macroeconomic implications for platinum is analysed. Our research team produce platinum price range forecasts as part of the report.
Platinum Outlook – Q2 2023
Platinum prices rallied during the quarter, as a softer dollar and power issues from South Africa offset the minor gains from the semiconductor space, pushing the metal to test March 2022 highs. The severity of power load-shedding in South Africa is set to increase during the Southern Hemisphere winter months, starting from June...
The rally we saw in the first weeks of 2023 has stalled, and sentiment deteriorated since, especially in early May. Strong momentum out of China is absent, but recovery out of the region is underway, with services continuing to outperform. Downstream activity improved amid traditional peak season, but buyers have mostly purchased on the dip as needed. The demand outlook continues to struggle, with end-users showing continued softness in the goods’ sales. While this should lead to further easing in the supply chain issues we have witnessed in the last couple of years, looming recessionary fears are weighing on our demand outlook. With the key central banks ending their monetary policy tightening cycle, the focus is poised to shift away from inflation-centric data to fundamentals, such as economic growth and consumer performance. The historically weaker dollar should provide robust support for metals, but with the lack of a strong incentive, we struggle to see base metals significantly higher in Q2 2023.
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