Platinum weekly uptrend opportunity based On 1.00 Lot Calculation:
- Platinum is mostly used in catalytic convertors by car industry to reduce harmful gas emission, while tightening regulation is forcing auto makers to put more of Platinum into each vehicle, which in turn should keep demand outlook positive.
- PLATINUM FINDS USE IN EXPANDING ELECTRIC VEHICLE MARKETS (HYDROGEN FUEL CELL ELECTRIC VEHICLES). As the world moves from fossil fuels to zero-carbon energy, Platinum is also expected to rise in demand as it finds a crucial role in transforming hydrogen into electricity with hydrogen fuel cell technology, which is used by the electric vehicle markets to make green car engines.
- SUPPLY SHORTAGE:
SOUTH AFRICA: Platinum supply is expected to stay lower as South Africa, the largest Platinum producer in the world, faces a new strain of the coronavirus, which forces some mines to close again. Miners like Anglo American Platinum work under capacity as well as Tharisa.
RUSSIA: It became known that operations at two of Nornickel’s largest mines, Oktyabrsky and Taimyrsky, were halted due to flooding by natural groundwater. Nornickel said that platinum groups metals production is expected to miss its 2021 output guidance by 710,000 troy ounces. In percentage terms, Palladium production should fall around 15- 20%. In 2020, Russia was the second largest platinum producer in the world supplying 12.00% of the total global production. - CHINA IS THE LARGEST PLATINUM AND PALLADIUM CONSUMER IN THE WORLD WHICH COVERS ONE THIRD OF GLOBAL AUTOMOTIVE PRODUCTION: Recent data showed that the Chinese economy has continued to recover along with its car industry, which is one of the largest consumers of Palladium. China reported Q4 GDP growth rate of 6.5% year on year, beating expectations for a rate of 6.1%. That being said, the demand for Platinum may rise, which could support Palladium prices.
Platinum, March 24, 2021
Current Price: 1170
Platinum |
Weekly |
Trend direction |
|
1280 |
|
1250 |
|
1220 |
|
1125 |
|
1110 |
|
1080 |
Example of calculation base on weekly trend direction for 1.00 Lot*
Platinum |
||||||
Pivot Points |
||||||
Profit or loss in $ |
11,000.00 |
8,000.00 |
5,000.00 |
-4,500.00 |
-6,000.00 |
-9,000.00 |
Profit or loss in €** |
9,309.88 |
6,770.82 |
4,231.77 |
-3,808.59 |
-5,078.12 |
-7,617.18 |
Profit or loss in £** |
8,038.12 |
5,845.90 |
3,653.69 |
-3,288.32 |
-4,384.43 |
-6,576.64 |
Profit or loss in C$** |
13,841.08 |
10,066.24 |
6,291.40 |
-5,662.26 |
-7,549.68 |
-11,324.52 |
* 1.00 lot is equivalent of 100 units
** Calculations for exchange rate used as of 9:00 a.m. (GMT) 24/03/2021
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Client Manager regarding their use.
*** You may wish to consider closing your position in profit, even if it is lower than suggested one
**** Trailing stop technique can protect the profit – Ask your Client Manager for more details