ANL 10.39 Decreased By ▼ -0.21 (-1.98%)
ASC 9.11 Decreased By ▼ -0.21 (-2.25%)
ASL 11.30 Decreased By ▼ -0.60 (-5.04%)
AVN 79.00 Decreased By ▼ -1.66 (-2.06%)
BOP 5.53 Decreased By ▼ -0.02 (-0.36%)
CNERGY 5.36 Decreased By ▼ -0.14 (-2.55%)
FFL 6.61 Decreased By ▼ -0.14 (-2.07%)
FNEL 5.95 Decreased By ▼ -0.10 (-1.65%)
GGGL 11.10 Decreased By ▼ -0.33 (-2.89%)
GGL 16.50 Decreased By ▼ -0.38 (-2.25%)
GTECH 8.50 Decreased By ▼ -0.31 (-3.52%)
HUMNL 7.16 Decreased By ▼ -0.11 (-1.51%)
KEL 3.08 Decreased By ▼ -0.04 (-1.28%)
KOSM 3.05 Decreased By ▼ -0.10 (-3.17%)
MLCF 26.60 Decreased By ▼ -0.30 (-1.12%)
PACE 3.03 Decreased By ▼ -0.07 (-2.26%)
PIBTL 6.04 Decreased By ▼ -0.06 (-0.98%)
PRL 18.11 Decreased By ▼ -0.39 (-2.11%)
PTC 7.02 Decreased By ▼ -0.09 (-1.27%)
SILK 1.17 Decreased By ▼ -0.02 (-1.68%)
SNGP 33.55 Decreased By ▼ -0.50 (-1.47%)
TELE 11.10 Decreased By ▼ -0.30 (-2.63%)
TPL 9.15 Decreased By ▼ -0.39 (-4.09%)
TPLP 20.53 Decreased By ▼ -0.18 (-0.87%)
TREET 29.73 Decreased By ▼ -0.47 (-1.56%)
TRG 77.40 Decreased By ▼ -0.90 (-1.15%)
UNITY 20.24 Decreased By ▼ -0.31 (-1.51%)
WAVES 12.80 Decreased By ▼ -0.05 (-0.39%)
WTL 1.40 Decreased By ▼ -0.05 (-3.45%)
YOUW 4.78 Decreased By ▼ -0.16 (-3.24%)
BR100 4,112 Decreased By -48 (-1.15%)
BR30 15,168 Decreased By -219.4 (-1.43%)
KSE100 41,766 Decreased By -113 (-0.27%)
KSE30 15,934 Decreased By -75 (-0.47%)

BENGALURU: Analysts and traders have sharply raised their platinum price forecasts as expectations of tighter supply and rising demand from the auto and hydrogen industries start to reverse a decade of declines, a Reuters poll showed on Tuesday.

The poll also returned a higher forecast for palladium after flooding at the biggest supplier, Russia’s Nornickel, worsened a supply shortage.

Both metals are used by automakers, who embed them in engine exhausts to reduce harmful emissions. Platinum is also used in industrial applications such as glassmaking and for jewellery and investment.

Years of oversupply drove platinum to an 18-year low of $558 an ounce last year, while undersupply has pushed palladium to record levels around $2,900 an ounce.

Both are benefitting from a rebound in auto production and tightening emissions limits, and some automakers are switching to platinum from palladium to save money.

The move to electric vehicles threatens demand, but platinum should benefit if hydrogen fuel cells which use the metal also become widespread. Platinum prices bounced to a 6-1/2 year high of $1,336.50 an ounce in February.

Platinum will average $1,222 an ounce in 2021 and $1,253 in 2022, according to the median response from the poll of 34 analysts and traders conducted this month.

A similar poll three months ago forecast averages of $1,044 for 2021 and $1,082 for 2022. Platinum averaged $883 in 2020.

Palladium will average $2,552 an ounce this year and $2,450 in 2022, the poll found - up slightly from predictions of $2,410 for 2021 and $2,360 for 2022 in the poll in January.

Palladium averaged $2,196 last year.

Comments

Comments are closed.