Platinum may average $990 an ounce in Q4; Palladium may average $910 an ounce
NEW YORK (Scrap Register): Standard Chartered does not look for battery-powered vehicles to detract from demand for platinum group metals for at least the next eight years.
Electric vehicles have become a “hot topic” in the PGM markets. A rapid expansion in the use of electric cars presumably would mean less demand for PGMs, used in catalytic converters to scrub emissions from exhaust.
“While we do forecast the diesel market to continue to lose its market share, we do not expect pure battery electric vehicles to assume a large percentage share before 2025,” said analysts at Standard Chartered.
Therefore PGM demand should remain robust. The bank looks for platinum prices to average $990 an ounce in the fourth quarter and palladium to average $910 an ounce.