ANL 15.49 Decreased By ▼ -0.71 (-4.38%)
ASC 14.00 Decreased By ▼ -0.63 (-4.31%)
ASL 20.00 Decreased By ▼ -0.04 (-0.2%)
BOP 8.70 Increased By ▲ 0.15 (1.75%)
BYCO 7.30 Decreased By ▼ -0.23 (-3.05%)
FCCL 16.98 Decreased By ▼ -0.52 (-2.97%)
FFBL 22.80 Decreased By ▼ -0.35 (-1.51%)
FFL 14.90 Decreased By ▼ -0.35 (-2.3%)
FNEL 7.06 Decreased By ▼ -0.29 (-3.95%)
GGGL 16.30 Decreased By ▼ -0.85 (-4.96%)
GGL 28.40 Decreased By ▼ -1.55 (-5.18%)
HUMNL 6.14 Increased By ▲ 0.18 (3.02%)
JSCL 20.40 Decreased By ▼ -0.28 (-1.35%)
KAPCO 28.50 Decreased By ▼ -0.49 (-1.69%)
KEL 3.41 Decreased By ▼ -0.07 (-2.01%)
MDTL 2.15 Increased By ▲ 0.04 (1.9%)
MLCF 32.48 Decreased By ▼ -1.12 (-3.33%)
NETSOL 101.45 Decreased By ▼ -4.55 (-4.29%)
PACE 4.20 Decreased By ▼ -0.13 (-3%)
PAEL 26.51 Decreased By ▼ -1.44 (-5.15%)
PIBTL 8.40 Decreased By ▼ -0.30 (-3.45%)
POWER 6.71 Decreased By ▼ -0.19 (-2.75%)
PRL 16.38 Decreased By ▼ -0.80 (-4.66%)
PTC 9.11 Decreased By ▼ -0.19 (-2.04%)
SILK 1.42 Decreased By ▼ -0.02 (-1.39%)
SNGP 42.50 Increased By ▲ 0.17 (0.4%)
TELE 16.45 No Change ▼ 0.00 (0%)
TRG 128.35 Decreased By ▼ -7.43 (-5.47%)
UNITY 28.69 Decreased By ▼ -1.21 (-4.05%)
WTL 2.28 Decreased By ▼ -0.12 (-5%)
BR100 4,607 Decreased By ▼ -60.66 (-1.3%)
BR30 20,274 Decreased By ▼ -617.96 (-2.96%)
KSE100 44,629 Decreased By ▼ -192.08 (-0.43%)
KSE30 17,456 Decreased By ▼ -65.93 (-0.38%)

Coronavirus
LOW Source: covid.gov.pk
Pakistan Deaths
28,300
2024hr
Pakistan Cases
1,265,650
60324hr
1.38% positivity
Sindh
466,154
Punjab
438,133
Balochistan
33,133
Islamabad
106,504
KPK
176,950

SINGAPORE: Platinum retreated from a near 6-1/2-year high in Asian trade on Tuesday as prices hit a technical resistance, although expectations that a rebound in the global economy would stoke demand kept the autocatalyst metal supported above the $1,300 an ounce level.

Platinum, used in catalytic converters for vehicles, was up 0.7% at $1,312.34 an ounce by 0706 GMT, but off the session high of $1,336.50, its best since September 2014.

Prices hit a technical resistance near the $1,330 level, said Stephen Innes, chief global market strategist at financial services firm Axi said, adding that it was a temporary pause and prices could continue to rise further.

The market was also weighing the roll-out of Johnson & Johnson’s COVID-19 vaccine in top producer South Africa, he said.

Supply disruptions in South Africa, a recovery in auto sales and stricter emission regulations will keep prices supported, analysts have said.

“With China implementing Phase 6 standard for both gasoline and diesel vehicles from January 2021, Platinum Group Metals loadings will be strong,” said Soni Kumari, a commodity strategist with ANZ.

However, she said, “a swift recovery in mine supply and restart of Anglo (American Platinum)’s smelter to refine the stockpile of unprocessed platinum could pause this rally...”

If supplies take longer to return to normal levels, prices could soon hit $1,400, she added.—Reuters

Comments

Comments are closed.