Platinum Market Prices 2014

What is the price of platinum?

Platinum price 2014

In 2014, global platinum production reached 7.965 million ounces, up about ten percent from 2013. However, the market was strongly impacted by a five month long strike by workers in South Africa. 

South African mines account for about 70 percent of primary platinum production (mine supply), so producers were forced to supplement sales using inventories of the metal. Increased recycling rates and production from other sources were able to pick-up the slack, but an overall supply deficit resulted in prices rising during the first half of the year.

 

Prices began to fall after miners at some of the largest platinum producers in South Africa returned to their jobs in July. 

For the year, market prices averaged about US$ 1390 per ounce. 

As a major supplier of of platinum and platinum group metals (PGMs), Johnson Matthey sets wholesale prices for these metals twice daily at its trading desks in the USA, Hong Kong and London.

Prices set by the company are based on a metal sponge form, with minimum purities of 99.95% for platinum and palladium, and 99.9% for rhodiumiridium and ruthenium.

Prices recorded below are monthly averages, calculated using prices offered by all three trading locations, per troy ounce (31.1g) of platinum.

Rhenium prices:

Year

Month

USD/Pound

2014January$1428.07
February$1414.13
March$1457.51
April$1436.34
May$1461.37
June$1458.03
July$1496.32
August$1451.66
September$1367.18
October$1264.69
November$1216.10
December$1222.85

Source: Johnson Matthey

**Prices published are for reference purposes only and should not be relied upon for business or investment purposes.**

Follow Terence on Google+

Continue Reading...