Platinum weekly special report based On 1.00 Lot Calculation:
PLATINUM USE AND MARKET SHARE:
- Platinum has been a key element in auto catalysts for over forty years, with the automotive sector being its largest consumer, accounting for about 40% of annual demand.
- MARKET SHARE (PRODUCERS): BIGGEST PLATINUM PRODUCERS IN THE WORLD: South Africa is the largest producer holding 72.8% of global market share while Russia is the second with 8-10% of the market. Zimbabwe is third with 5%.
- MARKET SHARE (CONSUMERS): China is the world's largest platinum consumer with 34%, while Europe holds 22% and North America 16% share of the platinum consumed worldwide.
NEWS AND EVENTS:
CHINA
- NEW STIMULUS PACKAGES IN Q1 OF 2024: The central Bank of China has announced comprehensive plans to channel funds into key sectors crucial for enhancing the country's economy this year. This move comes after an unusual announcement regarding the reserve requirement ratio.
- EVENT: CHINA INFLATION (CPI) (MARCH), April 11 at 01:30 GMT
- EVENT: CHINA TRADE IMPORT/EXPORT DATA (MARCH), April 13 at 04:00 GMT
- EVENT: CHINA INDUSTRIAL PRODUCTION (MARCH), April 16 at 03:00 GMT
USA
- EVENT: US INFLATION (CPI) (MARCH), April 10 at 12:30 GMT
- EVENT: FEDERAL RESERVE INTEREST RATE DECISION, May 1 at 18:00 GMT
PRICE ACTION:
- Platinum currently trades around $905.40. The price reached $1348.2 in February 2021, and if fully recover this could be an upside of around 48.91%. However, the price could also decline further.
ANALYST OPINION (First half of 2024): Barclays expects a price of $1,025 in 2024. Commerzbank estimates $1,200, while JPMorgan forecasts $1050. Source: Bloomberg
PLATINUM, March 28, 2024
Current Price: 905.40
|
PLATINUM |
Weekly |
|
Trend direction |
|
|
1,200.000 |
|
|
1,050.000 |
|
|
945.000 |
|
|
867.000 |
|
|
853.000 |
|
|
845.000 |
Example of calculation based on weekly trend direction for 1 Lot1
|
PLATINUM |
||||||
|
Pivot Points |
||||||
|
Profit or loss in $ |
29,460.00 |
14,460.00 |
3,960.00 |
-3,840.00 |
-5,240.00 |
-6,040.00 |
|
Profit or loss in €² |
27,309.39 |
13,404.40 |
3,670.92 |
-3,559.68 |
-4,857.47 |
-5,599.07 |
|
Profit or loss in £² |
23,342.70 |
11,457.41 |
3,137.71 |
-3,042.63 |
-4,151.93 |
-4,785.81 |
|
Profit or loss in C$² |
40,051.02 |
19,658.44 |
5,383.64 |
-5,220.50 |
-7,123.81 |
-8,211.41 |
1. 1 lot is equivalent of 100 units
2. Calculations for exchange rate used as of 10:20 (GMT) 28/3/2024
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Senior Account ManagerClient 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 Senior Account ManagerClient Manager for more details