Global stocks and U.S. equity futures rallied as investors took comfort in progress on the Covid-19 vaccine rollout, while freezing temperatures in Texas and across the American South roiled energy markets. The dollar weakened, and U.S. and Canadian stock markets were closed for national holidays.
On auto outlook as gold declines.
By Yuliya Fedorinova and Ranjeetha Pakiam, Bloomberg
15 Feb 2021 13:33
Image: Andrey Rudakov/Bloomberg
Platinum surged to its highest in more than six years on bets that a recovery in industrial demand and stricter emissions rules will tighten supply of the metal. Gold edged lower.
Tougher pollution regulations requiring vehicle makers to use more platinum in catalytic converters is supporting prices, said Margaret Yang, a strategist at DailyFX. Platinum has gained 20% this year as the discount to sister-metal palladium has also raised expectations it will see greater use. The outlook was further improved by disruption at a key South African refinery, which likely will keep the market in deficit this year, according to the World Platinum Investment Council.
(Bloomberg) Platinum surged above $1,300 an ounce for the first time in more than six years on bets that a recovery in industrial demand and stricter emissions rules will tighten supply of the metal. Gold edged lower.Tougher pollution regulations requiring vehicle makers to use more platinum in catalytic converters are supporting prices, said Margaret Yang, a strategist at DailyFX. Platinum has gained 21% this year, narrowing the steep discount with sister-metal palladium, which was the star performer over the two previous years.“Platinum has largely outperformed gold since November 2020 as reflation hopes and a projected recovery in global auto sales brightened the demand outlook for the white metal,” said Yang.After years of surpluses, Covid-19 mine shutdowns in South Africa saw the platinum market deficit widen to 400,000 ounces in 2020, Johnson Matthey said in a report last week. While the market could return to a surplus this year, disruptions at a key refinery in
(Bloomberg) Global stocks and U.S. equity futures rallied as investors took comfort in progress on the Covid-19 vaccine rollout, while freezing temperatures…
Global stocks and U.S. equity futures rallied as investors took comfort in progress on the Covid-19 vaccine rollout, while freezing temperatures in Texas and across the American South roiled energy markets. The dollar weakened, and U.S. and Canadian stock markets were closed for national holidays.