Chart of the week: platinum loses its shine
Platinum prices have ticked up from a seven-year low in January. But a slowdown in Europe may temper demand, and recycling has added to supplies and helped make up for production declines in South Africa.
A slowdown in Europe may temper demand for cars with diesel engines, in which platinum is used for catalytic converters.The market is set to be in deficit this year, but above-ground stocks look ample.
High prices in recent years have encouraged recycling of the metal, which has added to supplies and helped make up for production declines in South Africa, the biggest producer. No wonder the latest rally has faded.
Viewpoint
Neil Collins, Financial Times
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