China, the world’s largest consumer of platinum, imported its highest amount in a year last month. Retail investment demand (bars and coins) in China more than doubled, overtaking North America as the top market for platinum investment.
Analysts at Bloomberg Intelligence predict that global platinum demand will exceed supply for the rest of the decade.
Key technical levels:
• Platinum futures hit a 3+ year high at $1,152.50/oz.
• Next resistance levels:
o $1,197.00 (March 2022 high)
o $1,281.40 (May 2021 high)
o $1,348.20 (February 2021 high)
• All-time high: $2,308.80 (March 2008)
The strong Chinese demand and lagging EV transition may fuel a sustained bull run in platinum prices. Investment opportunities may exist if technical resistance levels are broken, potentially retesting highs from 2021 and 2022 even aiming toward the 2008 peak. Supply constraints and investment interest make platinum a strategic metal to watch in both industrial and financial markets.
Analysts at Bloomberg Intelligence predict that global platinum demand will exceed supply for the rest of the decade.
Key technical levels:
• Platinum futures hit a 3+ year high at $1,152.50/oz.
• Next resistance levels:
o $1,197.00 (March 2022 high)
o $1,281.40 (May 2021 high)
o $1,348.20 (February 2021 high)
• All-time high: $2,308.80 (March 2008)
The strong Chinese demand and lagging EV transition may fuel a sustained bull run in platinum prices. Investment opportunities may exist if technical resistance levels are broken, potentially retesting highs from 2021 and 2022 even aiming toward the 2008 peak. Supply constraints and investment interest make platinum a strategic metal to watch in both industrial and financial markets.
The Blueberry Team
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.