Platinum will edge higher amid deficit, on track for price parity with palladium
POLL-Platinum will edge higher amid deficit, on track for price parity with palladium
January 29, 2024 — 09:00 am EST
Written by Ashitha Shivaprasad and Polina Devitt for Reuters ->
LONDON, Jan 29 (Reuters) - Analysts and traders have downgraded their price forecasts for platinum and palladium in 2024 as demand struggles to rise significantly, but they still expect prices for both to rebound from current levels, a Reuters poll showed on Monday.
The two metals are used primarily by automakers, which embed them in engine exhausts to reduce emissions. Platinum is also used in other industries, for jewellery, and for investment.
The median forecast from a survey of 29 analysts and traders were for platinum to average $1,015 a troy ounce in 2024, down from $1,023 returned by a poll three months ago but up from the current price XPT= of around $908. COMMODS-PLAT
"We see a positive year ahead for platinum with an anticipated deficit of 350,000 ounces in 2024, constituting 5% of the total platinum demand for the year," said independent analyst Ross Norman.
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