Platinum Price OutlookPlatinum prices averaged marginally lower in May relative to April, amid more downbeat demand prospects. Platinum prices averaged USD 958 per troy ounce in May, which was down 0.6% from April's price, and was 20.9% lower than in the same month last year. Meanwhile, on 31 May, platinum closed the day at USD 963 per troy ounce, which was 3.3% higher than on the same day of the previous month. Lockdowns in China over the last month have likely weighed on jewelry demand and on platinum prices in turn; China is by far the largest global consumer of platinum jewelry. Moreover, China’s Covid-19 restrictions, chip shortages, supply constraints stemming from the war in Ukraine, and higher fuel prices are weighing on vehicle production and demand. In April—the latest month of available data—new EU passenger car registrations declined 21%. This is likely weighing on platinum demand, as the metal is used in vehicles’ catalytic converters. On the supply side, in late May, Anglo American Platinum signed a five-year wage deal with major South African labor unions. However, the risk of supply disruptions hangs over Sibanye-Stillwater’s South African platinum mine.
Platinum Price History Data (USD per troy ounce, aop)
Price forecasts and historical data for Energy, Metals and Agricultural Commodities.
Platinum Historical Price Chart
Price forecasts and historical data for Energy, Metals and Agricultural Commodities
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