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Platinum is a dense, white and hard byproduct of copper and nickel mines and almost 70% of it is produced through South African mines. Due to the high melting value, it is used to make coins known as little silver andplatinum uses.
It is considered to be an investment metal and the growth in buying can push the market into deficient in the year for the first time since 2016, even when the supplies increase in the next year - as per the WPIC.
Many investors believe that the price can grow from the 10 years low as the total estimated trade in the year is 1.2 million ounces.
There has been a decrease in the use of the metal in jewelry and auto industry in the current year, and it has been predicted that the investor’s purchase would decline to 525,000 ounces in the next year and this may further lead to drop in the auto and jewelry consumption that can lead to a surplus of 670,000 ounces.
Almost 40% of the metal is used in vehicle exhaust for diesel engines to reduce carbon emissions and it is estimated that there will be declined in the sale of diesel vehicles due to the Volkswagen scandal.
This year palladium gained 56% y-to-d and the platinum value was 18% y-to-d. The CPM group estimates the average price can be $915 an ounce in the next year, where it can trade in the range of $875 to $1000.
Commerzbank claims it does not look for a sharp rise in the price until there is more substitution with other metals as autocatalysts.
It is a tarnished resistance element well situated for making jewelry and tools and used in making surgical tools, electrical resistance wires, utensils, and electrical contact points. It can be used as catalysts and in the aircraft industry.
The glass industry uses it for making optical fibers and liquid crystals display screen as in laptops. Cooper listed a modest surplus in the metal in the next year, while, the expected deficit in the current year was 226,000 ounces.
The petrochemical industry uses it in powdered form in chemical reactions as a catalyst where the electrodes of the element can be used in electrochemistry and sometimes, it is coated with a platinum black layer where the platinized form is considered pure and is used in many chemical reactions.
It is mixed with cobalt to make a permanent magnet and can also be used to make low voltage electrical contacts and resistance wires. It is also used in resistance temperature detectors that are used to measure industrial temperature.
Turbine engines of airplanes can be used for such applications and it is used in self lifting gas lamps, stove burners, and ovens.
It can be used as a catalyst that helps in manufacturing nitric acid and fertilizer and military explosives.
To find out more about platinum uses, click at 99 Alternatives
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