Platinum futures are currently trading at around $925 per ounce, not far from an 8-month low of $894 hit on June 28th. The market is currently focused on concerns regarding China's growth recovery losing momentum and has already factored in a projected deficit for this year. Despite demand concerns in China, the World Platinum Investment Council has revised its deficit forecast for 2023, anticipating a significant 77% increase. This revision is driven by a projected 28% growth in demand and a 1% decline in supply compared to the previous year. Industrial demand is expected to reach record levels, increasing by 17% due to glass capacity expansions in China. Additionally, platinum automotive demand continues to rise in 2023, up 12% due to increased loadings and substitution.
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Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.