Inside the Market’s roundup of some of today’s key analyst actions

Reiterating his bullish long-term view on copper, Citi analyst Alexander Hacking raised his recommendation for First Quantum Minerals Ltd. (FM-T) to “buy” from “neutral” previously., citing “some easing” in the metal’s price after a decline of almost 12 per cent since May as well as an “idiosyncratic” valuation discount.

“FM is pricing close to zero value on Panama which is too bearish, in our view,” he said.

“We calculate $14 per share value for FM ex-Panama and current $17 per share price seems overly discounted, in our view. The stock was at $28 per share in Oct 1 2023 and would be priced at $37 per share today assuming the same 30-per-cent upside as FCX. Our updated target price incorporates Panama at 50 per cent value (approximately US$7-billion). Our base case is for the mine to return in 2026-27, based on approval from the broader population and Supreme Court.”

Noting the firm’s view on copper is “near-term cautious ($9,000-ish possible) but mid-term bullish ($12,000 in 2025),” Mr. Hacking hiked his target for First Quantum shares to $26 from $14. The average target on the Street is currently $19.48, according to LSEG data.

“We see more upside than downside from the current situation in Panama,” he added. “The stock currently discounts Panama close to zero value, in our view; with very little consideration for potential upside. Downside risks would include a protracted stalemate at Panama or lower copper prices.”

“Mid-term growth options would include Taca Taca (Argentina) and La Granja (Peru) once Panama is resolved & the balance sheet is stronger. We also note that FM is the most acquirable name in our coverage given its size & shareholder base, in our view. There are less than 5 realistic deals for more than 500,000 tons of current copper production and FM is one of them.”

In the same research report, Mr. Hacking raised his target for Vancouver’s Ivanhoe Mines Ltd. (IVN-T) to $24 from $15, maintaining a “buy” recommendation. The average is currently $23.49.

“Ivanhoe has successfully delivered the 600ktpa Kamoa-Kakula mine – maybe the best mining project of the past 20 years,” he said. “De-bottlenecking will likely creep output higher-near term but grades are peak & Phase IV will ultimately be required to offset this with more tonnage. The main valuation differentiator for IVN vs peers is exploration upside at Western Foreland. The odds of finding another Kamoa-Kakula are low but the odds of finding a lesser deposit with strong economics at $10,000/ton appear reasonably high, e.g. Makoko, Kiala and Kitoko. This exploration upside is unique amongst our coverage & gives IVN incremental leverage to the copper price.”

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CIBC World Markets analyst Bryce Adams raised his price forecast for both copper and uranium on Thursday, believing the outlook for both metals continues to improve.

“In our last base metals update we were more constructive on copper pricing and shifted from a cautious tone that we held from mid-2022 to late-2023,” he said. “In hindsight, we should have been more positive on copper fundamentals as pricing increased from roughly $3.80/lb at the time of our report and surpassed $5/lb in May 2024, well ahead of our forecast. Since then, copper prices retreated back to around $4.50/lb and we forecast upside potential in pricing over the next three years.

“We prefer uranium over copper and reiterate our Outperformer and top pick status on Cameco. A key catalyst is a potential reaction by Russia to halt enriched uranium deliveries to the U.S., ahead of the U.S.’s sanctions fully effective in 2028. Our top picks for copper exposure are Capstone, Ero Hudbay and Filo.”

For uranium, Mr. Adams said pricing was strong to start 2024 and “has since been volatile but resilient.” He increased his 2024 term price by 8 per cent to $79 per pound. His 2025 and 2026 projections rose to $90 and $95, respectively, from $80 previously for both. His long-term price is now $80, up from $75.

His copper price forecast for 2024, 2025 and 2026 increased by 10 per cent, 6 per cent, and 12 per cent, respectively, with his long-term price rising to $4.00 per pound from $3.80.

Calling its 2025 free cash flow yield “impressive,” Mr. Adams upgraded Ero Copper Corp. (ERO-T) to “outperformer” from “neutral” on Thursday with a $36 target, up from $32 and exceeding the $35.06 average on the Street.

“Ero has a strong growth profile, with Tucumã set to achieve first production in the near-term,” he said. “In our view, the project has been well managed, and is now well positioned to ramp up into year-end. Delivery on the growth plans remains key to share appreciation, and de-risking of the Tucumã development project has been positive. We expect first production around the middle of 2024 and a ramp-up into year-end, which bodes well for 2025 estimates. At Caraíba operations, Q1/24 results were a weaker start to the year, but are expected to improve through the remainder of the year.”

He also made these other target adjustments to stocks in his coverage universe:

• Cameco Corp. (CCO-T, “outperformer”) to $80 from $74. The average is $76.48.
• Capstone Copper Corp. (CS-T, “outperformer”) to $12 from $10.50. Average: $13.08.
• Filo Corp. (FIL-T, “outperformer”) to $40 from $38.50. Average: $34.08.
• First Quantum Minerals Ltd. (FM-T, “neutral”) to $18 from $15. Average: $19.48.
• Hudbay Minerals Inc. (HBM-T, “outperformer”) to $15.50 from $14.50. Average: $16.01.
• Lundin Mining Corp. (LUN-T, “neutral”) to $16 from $15. Average: $17.97.

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Ahead of the release of its second-quarter results next Wednesday morning, Scotia Capital analyst Phil Hardie predicts AGF Management Ltd. (AGF.B-T) will continue to face a fund flow headwind.

“We anticipate operating EPS of 33 cents, slightly below the Street at 34 cents,” he said. This will be the first quarter with Kensington’s results being consolidated into AGF’s and included as part of the AGF Capital Partners segment. We believe this introduces a degree of forecasting error for the quarter. We expect Adjusted EBITDA of 52 cents per share, predominantly driven by Core Investment EBITDA of 43 cents per share and AGF Capital Partners EBITDA at 8 cents per share.

“The sales environment remains challenging, with the mutual fund industry remaining in outflows. We do not expect AGF to be an exception and forecast retail mutual fund net redemptions of $320-million. This will mark the fourth straight quarter of outflows, after AGF ended a solid run of 11 consecutive quarters of positive flows. AGF pre-announced its total AUM [assets under management] and fee-earning assets of $47.8 billion, rising 6 per cent sequentially and a solid 16 per cent year-over-year, with the sequential rise driven by mutual fund AUM and Kensington consolidation, partially offset by the previously disclosed $800 million institutional redemptions.”

Reiterating his “sector perform” recommendation for AGF shares, Mr. Hardie bumped his target to $10.75 from $10.50 after raising his estimates to reflect an upward revision to the expected contribution from AGF Capital Partners. The average is $10.89.

“In a scenario where the market makes a stronger-than-expected rebound and sentiment related to the sector improves, we believe AGF can offer significant upside potential above our target price,” he said. “AGF’s high exposure to equities is likely to provide torque to the stock price in an upward equity market swing, with its strong balance sheet providing a floor to the stock.

“Despite its demonstrated resilience and strategic progress, AGF continues to trade at a steep discount relative to its peers. AGF has developed an alternative asset management platform where it has co-invested its own capital. We estimate that, including the value of these investments, AGF stock trades at just 2.7 times Adj. EV/EBITDA (NTM), around 3.2 times turns lower than what the conventional calculates. This represents a 67-per-cent discount to its peers.”

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While seeing Andrew Peller Ltd.’s (ADW.A-T) fourth-quarter 2024 as “mixed,” Acumen Capital analyst Nick Corcoran emphasized the winemaker’s business “continues to progress to historical levels of performance: targeted sales growth of 2-3 per cent, gross margins of 41-43 per cent, SG&A of 25-27 per cent, and EBITA margins of 15-16 per cent.”

After the bell on Tuesday, the Grimsby, Ont.-based company reported sales of $85-million for the quarter, up 9.4 per cent year-over-year and in line with the analyst’s expectation. Adjusted EBITDA of $9.3-million was up from a loss of $1.2-million a year ago and above Mr. Corcoran’s $8-million projection.

He said: “FY/25 guidance. Revenue will be flat with continued margin expansion. Weakness in premium has been partially offset by value. Margins are expected to improve from: (1) cost saving initiatives that are progressing as planned with $10-million expected to be realized in both FY/24 and FY/25, (2) SG&A reduced by $8-10-milllion from a headcount reduction, and (3) the federal Wine Sector Support Program and Ontario VQA Support Program.”

“The search for a new CEO is a top priority with ADW well through the process. We expect an announcement in the next three months.”

Pointing to “slightly more conservative margin assumptions,” Mr. Corcoran, who remains the lone analyst covering the company, lowered his full-year 2025 and 2026 earnings expectations, leading him to trim his target by $1 to $10 with a “buy” recommendation.

“ADW is trading at a discount to the alcoholic beverages peer group on both EV/EBITDA and P/E,” he said. “Despite inflationary pressures in the short- to mid-term, we continue to believe that ADW’s scalable business model, brand recognition, and significant barriers to entry will allow it to trade closer to the peer group.”

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Eight Capital analyst Puneet Singh initiated coverage of F3 Uranium Corp. (FUU-X) with a “buy” rating, seeing its ability to define multiple zones at its Patterson Lake North project in the Athabasca Basin potentially leading to a takeout offer.

“The stock has been range-bound since its initial discovery,” he said. “For the stock to break out again we believe FUU needs to prove out the project beyond the JR zone, and if it does so, then this may also be the takeout trigger for the Company. The Athabasca Basin has shown time and again, that if an additional pod or shear zone of mineralization is found, then there is further likelihood that multiple zones of uranium beyond this exist. Nexgen’s Arrow, for example, is comprised of sub-parallel shear zones that were discovered over time after one another. FUU’s catalysts for the rest of the year include radioactivity and assay results from the A1 & B1 areas. Key investment risks include commodity price (uranium), exploration risk, and key management/personnel risk.”

Mr. Singh thinks the Kelowna, B.C.-based is “aptly located at the next major centre of development in the Athabasca Basin, near Fission’s PLS project and NexGen’s (NXE-T, Buy, Target $21.00) Rook I project.”

“In Oct/23, Denison (DMLT, Not Rated) made a $15-million strategic investment into F3 through convertible debentures,” he added. “Denison is the first to make a bet, but we believe there are many in the Basin that would potentially be interested in FUU, as it proves out the true extent of the PLN property. Management’s current corporate restructuring exercise involving spinning out properties outside of PLN into a separate vehicle (named F4 Uranium; transaction to close in Q3/24; see more here) may be telling that management is potentially lining up F3/PLN for a future acquisition.”

He set a target of 70 cents per share. The average is currently 63 cents.

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In other analyst actions:

* In response to its revised Detour Lake mine plan and initial underground study, Jefferies’ Matthew Murphy bumped his Street-low target for shares of Agnico Eagle Mines Ltd. (AEM-N, AEM-T) to US$59 from US$58 with a “hold” recommendation. Conversely, BMO’s Jackie Przybylowski cut her target to US$77 from US$79 with an “outperform” rating. The average on the Street is US$78.84.

“Highlights of an updated PEA-level technical study continue to build on Detour Lake’s large, bulk, low-cost operation with expansion of the mill to 29Mtpa (from 28Mtpa) and an initial underground project,” said Ms. Przybylowski. “Detour expansion is a low-risk operation at an existing site and managed by an experienced team. This update represents a snapshot in time, based on drilling completed before the October 2023 cutoff. Agnico Eagle will host a site tour to Detour Lake on June 20, 2024. We look forward to seeing the site’s growth potential in situ [Thursday].”

Bearish Weekly Signal Dominates

Last week natural gas reached a new trend high of 3.16 before sellers took back control and drove the price back down. Subsequently, a bearish weekly signal triggered earlier this week that is certainly following through to the downside as trading continues near the lows of the week. If 2.70 support breaks, the 200-Day MA at 2.47 may be tested quickly.

It can be considered along with the most recent swing low of 2.475. A 38.2% Fibonacci retracement completes at 2.55. Given the bearish weekly pattern a lower price zone around 2.37 could also be approached. That would follow a bearish drop through the 200-Day MA, however. It comes from the convergence of the 50-Day MA and the 50% retracement level of the full rally off the April swing low.

Upside Breakout Above 2.77 Could Lead Higher

Nonetheless, it remains possible that a bullish reversal signal is given on Monday on a move above today’s high of 2.77. That price level coincides with the 20-Day MA at 2.78. The 20-Day line would also need to be taken out for a more reliable indication of strength. The 20-Day line was tested as resistance earlier in today’s session and the price of natural gas was rejected to the downside.

This behavior indicates that the market recognizes the price area of the 20-Day MA. Notice that on Monday and Tuesday it was clearly showing an area of support. Today’s successful test of the line as resistance sets of a continuation of the retracement to lower price zones. But, at stated above, that may start to change on a breakout above 2.77.

For a look at all of today’s economic events, check out our economic calendar.

As of June 20, 2024, copper futures contracts to be settled in July 2029 were trading on U.S. markets at around 4.5 U.S. dollars per pound. This is higher than the price of 3.92 U.S. dollars per pound for contracts to be settled in January 2024, indicating that copper traders expect the price of copper to fluctuate. Copper futures are contracts that effectively lock in a price for an amount of copper to be purchased at a time in the future, which can then be traded on markets. Futures markets therefore provide an indicator of how investors think a commodities market will develop in the future.

Economic Data and Interest Rate Expectations

Recent U.S. economic data has pointed to a potential slowdown. Thursday’s report showed first-time applications for unemployment benefits fell moderately, while new housing construction dropped significantly. Tepid retail sales last month have kept the possibility of a September rate cut on the table. Lower interest rates typically reduce the opportunity cost of holding non-yielding bullion, providing support for gold prices.

Treasury Yields Surprisingly Dip

U.S. Treasury bond yields dipped slightly on Friday as investors analyzed the latest economic data for signs of a slowing economy. The 10-year Treasury yield fell 2 basis points to 4.23%, and the 2-year Treasury note yield dropped 2 basis points to 4.709%. The number of Americans filing new claims for unemployment benefits dropped by 5,000 to 238,000 for the week ended June 15, slightly above economists’ forecasts. Housing starts fell more than expected last month, down 5.5% to a seasonally adjusted annual rate of 1.277 million units.

US Dollar Hits 8-Week High

The U.S. dollar pushed to a fresh eight-week high against the yen and remained near a five-week peak against the sterling on Friday. The dollar index, which measures the currency against six major peers, spiked 0.41% overnight. This increase followed dovish signals from the Swiss National Bank and the Bank of England, with the latter hinting at a potential rate cut in August. The dollar index is on course for a slight weekly gain, extending its winning streak to three weeks.

Impact of Yields and Dollar on Gold

Lower Treasury yields and a strong dollar have a mixed impact on gold prices. Lower yields are supportive because they reduce the opportunity cost of holding non-yielding assets like gold. When bond yields fall, gold becomes more attractive as an investment. However, a stronger dollar tends to be restrictive because gold is priced in dollars. As the dollar strengthens, gold becomes more expensive for foreign investors, potentially dampening demand.

Market Forecast: Bullish

Given the current economic data and trends, gold prices are likely to maintain their upward momentum in the short term. The potential for further interest rate cuts and lower Treasury yields support a bullish outlook for gold. While a stronger dollar might create some headwinds, the overall economic environment suggests continued strength for bullion. Traders will be closely monitoring upcoming manufacturing and services Purchasing Managers’ Index readings for June, as well as existing home sales data for further market direction.

Technical Analysis

XAU/USD Current price: $2,354.46

• Tepid United States data put modest pressure on the USD ahead of the American opening.
• Russian President Putin spurred risk aversion by speaking about the nuclear doctrine.
• XAU/USD is firmly bullish in the near term, could extend advance towards $2,400.

XAU/USD accelerated north on Thursday, trading above the $2,350 mark and at its highest in two weeks. The US Dollar lost steam following the release of United States (US) tepid data, as the country reported that Initial Jobless Claims for the week ended June 14 were up by 238K, worse than the 235K expected.

Furthermore, Building Permits fell by 3.8% MoM in May, while Housing Starts declined by 5.5%. Finally, the Philadelphia Fed Manufacturing Survey printed at 1.3 in June, down from the previous 4.5 and worse than the 5 anticipated.  

Nevertheless, the Greenback managed to turn higher against other major currencies and remained pressured against Gold amid a bout of risk aversion triggered by Russia. President Vladimir Putin said the country is considering introducing changes to its nuclear doctrine, including lowering the threshold for the use of such weapons in the West. Additionally, Putin said that Russia could provide other countries with its weapons as the West does to Ukraine.

On Friday, S&P Global will release the preliminary estimates of the US June PMIs, which are expected to indicate a slight contraction in business growth. The economy, however, is expected to remain in expansion territory.

XAU/USD short-term technical outlook

Technical readings in the daily chart show that XAU/USD positive momentum is building up. The pair advanced above a now flat 20 Simple Moving Average (SMA), providing dynamic support at around $2,334. The 100 and 200 SMAs accelerated their advances below the shorter one, maintaining their upward slopes. Finally, technical indicators are crossing their midlines into positive ground for the first time in a month.

The near-term picture is bullish. Technical indicators in the 4-hour chart head north almost vertically, approaching overbought territory without signs of upward exhaustion. At the same time, XAU/USD is trading above all its moving averages, although the 20 SMA barely turned higher below the longer ones.

 Support levels: 2,346.10 2,334.00 2,322.15

Resistance levels: 2,366.30 2,378.40 2,391.05

XAU/USD Current price: $2,354.46

• Tepid United States data put modest pressure on the USD ahead of the American opening.
• Russian President Putin spurred risk aversion by speaking about the nuclear doctrine.
• XAU/USD is firmly bullish in the near term, could extend advance towards $2,400.

XAU/USD accelerated north on Thursday, trading above the $2,350 mark and at its highest in two weeks. The US Dollar lost steam following the release of United States (US) tepid data, as the country reported that Initial Jobless Claims for the week ended June 14 were up by 238K, worse than the 235K expected.

Furthermore, Building Permits fell by 3.8% MoM in May, while Housing Starts declined by 5.5%. Finally, the Philadelphia Fed Manufacturing Survey printed at 1.3 in June, down from the previous 4.5 and worse than the 5 anticipated.  

Nevertheless, the Greenback managed to turn higher against other major currencies and remained pressured against Gold amid a bout of risk aversion triggered by Russia. President Vladimir Putin said the country is considering introducing changes to its nuclear doctrine, including lowering the threshold for the use of such weapons in the West. Additionally, Putin said that Russia could provide other countries with its weapons as the West does to Ukraine.

On Friday, S&P Global will release the preliminary estimates of the US June PMIs, which are expected to indicate a slight contraction in business growth. The economy, however, is expected to remain in expansion territory.

XAU/USD short-term technical outlook

Technical readings in the daily chart show that XAU/USD positive momentum is building up. The pair advanced above a now flat 20 Simple Moving Average (SMA), providing dynamic support at around $2,334. The 100 and 200 SMAs accelerated their advances below the shorter one, maintaining their upward slopes. Finally, technical indicators are crossing their midlines into positive ground for the first time in a month.

The near-term picture is bullish. Technical indicators in the 4-hour chart head north almost vertically, approaching overbought territory without signs of upward exhaustion. At the same time, XAU/USD is trading above all its moving averages, although the 20 SMA barely turned higher below the longer ones.

 Support levels: 2,346.10 2,334.00 2,322.15

Resistance levels: 2,366.30 2,378.40 2,391.05

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Coffee Concentrate Market was valued at USD 3.42 Billion in 2023 and is expected to grow at a CAGR of 8.92 Percent over the forecast period to reach USD 6.22 Billion by 2030.Coffee Concentrate Market is segmented into Coffee Concentrate by Product Type, End User, Product Format, and Region. For the estimation of the Coffee Concentrate Market size, the bottom-up approach was used.

To access more details regarding this research, visit the following webpage:https://www.stellarmr.com/report/Coffee-Concentrate-Market/1942

Coffee Concentrate Market Overview

The coffee concentrate is incredibly strong, highly concentrated coffee that can be used to make your favourite coffee drinks such as iced coffee, and regular coffee as well as cocktails and desserts. Coffee concentrate is made by placing coarsely ground coffee beans in cold water and leaving it to brew. The result is a highly concentrated liquid, which when diluted becomes palatable. It can then be used to make almost any coffee drink.

Coffee Concentrate Market Dynamics

The coffee concentrate market is driven by the growing demand for convenient beverage options in today’s fast-paced lifestyles, changing consumer preferences towards premium and specialty coffee products, and increasing health awareness leading to the adoption of healthier alternatives like cold brew concentrates. Continuous innovation in flavors, formulations, and packaging formats, coupled with expanding distribution channels, contributes to market growth. Additionally, the overall rise in coffee consumption globally, driven by urbanization and lifestyle changes, further propels the market forward, while the emphasis on environmental sustainability encourages the development of eco-friendly coffee products and packaging, appealing to environmentally conscious consumers and driving market competitiveness.

North America leads the market, driven by a strong coffee culture, increasing demand for convenient beverage options, and a growing preference for premium and specialty coffee products.

coffee concentrate consumption is fueled by the popularity of cold brew variants, health-conscious consumer trends, and a preference for artisanal and sustainable coffee options. The Asia Pacific region exhibits significant growth potential, supported by rapid urbanization, changing lifestyles, and the rising adoption of Western coffee consumption habits. Latin America, known for its rich coffee heritage, presents opportunities for market expansion with its abundance of high-quality coffee beans and growing interest in innovative coffee products. Africa, with its emerging coffee culture and growing middle class, holds promise for market growth, particularly in countries with increasing urbanization and disposable incomes.

For in-depth information on this study, visit the following link:https://www.stellarmr.com/report/req_sample/Coffee-Concentrate-Market/1942

Coffee Concentrate Market Segmentation

By Type

Caffeinated

Decaffeinated

Caffeinated coffee concentrates hold a prominent position in the market, drawing in consumers who crave the familiar taste and invigorating effects of traditional coffee.

This segment commands a substantial share due to the widespread preference for caffeinated beverages among both coffee enthusiasts and casual drinkers. Conversely, the decaffeinated coffee concentrate segment, though smaller, is witnessing growth as consumers increasingly prioritize wellness and seek flavorful options devoid of caffeine’s stimulating effects.

By Distribution Channel

Supermarkets and Hypermarkets

Convenience Stores

Online Retail Platforms

Others

By Packaging

Bottles

Pouches

Others

By Source

Arabica

Robusta

Others

To Learn More About This Study, Please Click Here:https://www.stellarmr.com/report/req_sample/Coffee-Concentrate-Market/1942

Coffee Concentrate Market’s Key Players include:

Starbucks Corporation (Seattle, Washington, United States)

Nestlé S.A. (Vevey, Switzerland)

JAB Holding Company (Luxembourg City, Luxembourg)

Illycaffè S.p.A. (Trieste, Italy)

The Coca-Cola Company (Atlanta, Georgia, United States)

Keurig Dr Pepper Inc. (Burlington, Massachusetts, United States)

Suntory Holdings Limited (Tokyo, Japan)

UCC Ueshima Coffee Co., Ltd. (Kobe, Japan)

Califia Farms LLC (Los Angeles, California, United States)

La Colombe Coffee Roasters (United States)

Key questions answered in the Coffee Concentrate Market are:

What is Coffee Concentrate?

What was the Coffee Concentrate Market size in 2023?

What is the expected Coffee Concentrate Market size by 2030?

What is the growth rate of the Coffee Concentrate Market?

What are the key benefits of the Coffee Concentrate Market?

Key Offerings:

Past Market Size and Competitive Landscape (2018 to 2022)

Past Pricing and price curve by region (2018 to 2022)

Market Size, Share, Size & Forecast by different segment | 2023 -2030

Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region

Market Segmentation – A detailed analysis by Type, Distribution Channel, Packaging, Source, and Region

Competitive Landscape – Profiles of selected key players by region from a strategic perspective

Competitive landscape – Market Leaders, Market Followers, Regional player

Competitive benchmarking of key players by region

PESTLE Analysis

PORTER’s analysis

Value chain and supply chain analysis

Legal Aspects of Business by Region

Lucrative business opportunities with SWOT analysis

Recommendations

Stellar Market Research is a leading Consumer Goods & Services research firm that has also published the following reports:

Microneedling Market https://www.stellarmr.com/report/Microneedling-Market/2047

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Febrile Seizures Market https://www.stellarmr.com/report/Febrile-Seizures-Market/2064

Car Air Purifier Market https://www.stellarmr.com/report/Car-Air-Purifier-Market/2069

Cheilectomy Market https://www.stellarmr.com/report/Cheilectomy-Market/2055

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Natural Gas Technical Analysis

Natural gas markets fell initially during the early hours on Thursday, but then turned around to show signs of support. With that being said, the market is likely to continue to be very noisy, but the $3 level above is a significant barrier that I think is going to be very difficult to overcome. Keep in mind, we’re in the midst of a heat wave here in America, and that does have an influence on pricing, but we also have to also keep in mind that this time of year generally isn’t that positive for natural gas after all.

You have a situation where, unless it’s hot, the demand for natural gas, i.e. electricity, is going to be somewhat limited. Most people are outside. Also, another thing to keep in mind is, if the economy is slowing down, the demand for natural gas will drop. On the positive side though, we have a shortage in Europe yet again, and at this point in time, it seems as if that could come into the picture over the next several months.

What is the price of platinum today?

The price of platinum opened at $1,017.92 per ounce, as of 9 a.m. That’s up 1.24% from the previous day and up 3.05% from the beginning of the year.

The lowest trading price within the last day: $999.40 per ounce. The highest platinum spot price in the last 24 hours: $1,023.94 per ounce.

Platinum spot price

Platinum price chart

The chart below shows how the spot price of platinum is trending over the year.

Year to date, platinum is up 3.05%, as of 9 a.m. The 52-week high reached $1,083.27 on May 22, 2023, and the 52-week low dropped to $843.15 on Nov. 10, 2023.

The precious, silvery-colored metal is priced in U.S. dollars. This means that the fluctuations in the value of the U.S. dollar can impact its price.

The price of XPT/USD reflects the value of one ounce of platinum in U.S. dollars, and it is traded like traditional currency pairs. Because platinum trades occur globally, investors can also track the spot price of platinum in other currencies, such as XPT/EUR for euros and XPT/GBP for British pounds.

Factors that can influence the price of platinum include changes in demand, geopolitical events and tensions in major platinum-producing countries. Of course, investor opinion and speculation can also affect prices.

Precious metals prices

Platinum is one of four main precious metals investors can trade via physical bullion, exchange-traded products or futures contracts. Gold, silver and palladium spot prices are also updated 24/7 in various currencies.

Platinum price vs. gold

Currently, platinum trades at $1,017.92 per ounce, as of 9 a.m., compared to gold, which trades at $2,348.35 per ounce. Year to date, platinum prices are up by 3.05% and gold prices are up by 13.65%.

“Historically, platinum has often been more expensive than gold due to its relative scarcity and unique properties. However, the price of platinum can fluctuate in response to changing market conditions,” said John Bergquist, president of Elysium Financial.

Political instability and supply disruptions in major platinum-producing regions like South Africa and Russia affect prices.

The silvery metal also tends to be a less reliable store of value than gold.

While historically, platinum has been pricier than gold, that flip-flopped briefly in August 2011. When looking at the gold-to-platinum price ratio, platinum was priced above gold from January 2013 until December 2014. Since then, gold has more than doubled its value compared to platinum prices.

History of platinum prices

Like any metal, the price of platinum can be volatile. Various factors affect it, the most significant being supply and demand dynamics. Other factors, such as economic conditions, geopolitical events, and changes in industrial and investment demand, can also impact the price of platinum.

At the start of the new millennium, the precious metal’s spot price was around $420. Fast-forward over 20 years, and the current price of platinum has more than doubled.

The spot price soared to new heights, trading in February 2008 at around $2,200 per troy ounce. In November of that year, the price returned to less than $1,000.

Platinum’s spot price has fluctuated between around $800 to $1,400 for the past decade, hovering around the $1,000 threshold on average.

Platinum prices today remain historically low. Prices dropped as low as $623.50 in March 2020 during the COVID-19 pandemic. While prices have recovered, platinum is nowhere near its all-time high of $2,213.20, set on March 3, 2008.

Platinum futures

Futures contracts let investors speculate on the future price movements of an underlying asset like platinum.

These financial contracts represent an agreement between two parties to trade a set amount of platinum at a specified price at a future date. They can be settled by exchanging the physical commodity or cash in place of the commodity.

Futures contracts differ from spot prices in that futures contracts establish a future price whereas spot prices are for immediate delivery. These contracts can be fulfilled by trading the physical commodity or exchanging cash in place of the underlying asset. They are usually traded through an exchange.

Investing in platinum

The automotive industry creates the highest demand for platinum. Platinum is a key component in manufacturing catalytic converters, which are responsible for reducing vehicle emissions.

In addition to the automotive industry, platinum is widely used in the industrial industry to create medical products, nitric acid and glass. As the demand for these products rises, so does the price of platinum.

It is anticipated that platinum will play an essential role in the development of hydrogen technology. Platinum is used to produce carbon-free hydrogen from renewable energy.

“If hydrogen-based power meets expectations in the coming decade, then one could expect a material demand tailwind in platinum,” said Stash Graham, managing director of Graham Capital Wealth Management.

Precious metals such as platinum, gold and silver have long been used to diversify an investment portfolio.

When choosing investments, it is crucial to consider potential drawbacks. While there may be an increase in the demand for platinum, other factors may throw a wrench in the investment benefits.

When considering an investment, it is essential to consider your current holdings and individual financial goals.

Platinum is rarer than both silver and gold, which could make it attractive to investors seeking a scarce metal. This practice helps protect other holdings, such as stocks, in an economic downturn. Investing in platinum can help balance inflation and economic uncertainties.

Frequently asked questions (FAQs)

What is the highest price platinum has ever been?

The highest platinum price was $2,213 on March 3, 2008. This notable high can be attributed to critical supply issues in South Africa, the world’s largest platinum producer. Both geopolitical and economic factors played a role in this price hike during the recession.

How is the spot price of platinum determined?

The London Bullion Market Association is responsible for price auctions of platinum and other industrial metals.