Platinum prices to bottom out near $900 – ANZ
|The Platinum price fell to $900 amid increased headwinds. Strategists at ANZ Bank analyze the precious metal’s outlook.
Platinum is the least expensive of the precious metals
Disappointing auto sales in China added to weak market sentiment, but we believe this price is inconsistent with underlying fundamentals.
A challenging supply backdrop, heavy platinum loadings, substitution away from Palladium and increasing use of hydrogen fuel are all long-term supports for Platinum. Further, prices have fallen to near cost-of-production, which could disincentivise already challenged producers. We therefore expect Platinum to find its floor near the current level.
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