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 – Q3 2023
Platinum prices rallied at the start of Q2 2023, reaching $1,127.20/oz in the second half of April. Softer dollar and power issues from South Africa offset the minor gains from the semiconductor space, pushing the metal to test March 2022 highs. Platinum is expected to be boosted by increasing use in heavy-duty vehicles and some substitution of palladium in petrol vehicles...
In the previous quarter, expectations shifted from a pause in the central bank tightening cycle to further rate increases in July and potentially later in Q4 2023. As we move away from central bank-centric rhetoric, economic growth and consumer performance will be key in driving the risk sentiment across the board. Still, China's stimulus outlook remains critical to the longer-term narrative for metals this quarter. Sentiment has been improving as signs emerged that regulators are working to follow through on the promises made at the most recent Politburo meeting. However, markets remain cautious about the scale of support, and any positive news seems short-lived. As a result, the positive stimulus is more likely to solidify support levels than boost bullish sentiment in the near term.
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