The currency of South Africa, the leading platinum producer, weakened as a result of the collapse in Turkey, which hit other markets, Reuters reports. The South African rand lost 10% last week against the US dollar. The price of platinum fell to a ten-year low. Its value fell below $780 per ounce, losing 25% from the high level of January. The price of metal last week dropped to the lowest level since October 2008. The key factor in the price drop is still the excess of supply of metal over demand. The decline in demand for platinum is due to weak sales of diesel cars, in which this metal is used for autocatalysts.
Dollar bounces from three-week low, yuan slides after PBOC move12.10.2020
Asian shares hit two-year peak on upbeat Chinese shares09.10.2020
Asian shares see two-and-a-half-year peak on stimulus-driven optimism08.10.2020
Japan’s service sentiment sees two-and-a-half-year peak, bankruptcies plunge