London — Platinum prices will average their lowest in more than a decade in 2018 before a modest recovery in 2019, a Reuters poll showed on Friday, with the metal predicted to maintain its historically unusual discount to palladium. Platinum, used chiefly in emissions-cutting catalytic converters in vehicles and in jewellery, has tumbled from more than $1,000 an ounce in January to about $800, its lowest since 2008. It is caught in a speculative sell-off fuelled by a supply surplus, demand concerns due to the threat of a global trade war and a strengthening dollar, which makes metals more expensive for buyers using other currencies. A Reuters poll of 29 analysts and traders returned a forecast for platinum to average $922 in 2018, its seventh consecutive annual decline and lowest annual average since 2005. But in 2019, platinum should snap its losing streak, rising to average $979 and ounce, respondents said. A similar Reuters poll conducted three months ago forecast that platinum w...

Subscribe now to unlock this article.

Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).

There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.

Cancel anytime.

Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.