platinum price struggling near the support trend levels

platinum price struggling ....

platinum price struggling ....
Most investors currently view South Africa’s platinum industry with a huge amount of scepticism. Platinum stocks on the Johannesburg Stock Exchange have been shedding value in an environment where their balance sheets are deteriorating and free cash flows are close to zero.
Although platinum is commonly used in catalytic converters for diesel engines, while palladium is used in converters for gasoline-run vehicles, palladium is starting to encroach on platinum’s market share, and notes that palladium is being substituted at a rate of about 30 percent. Given that manufacturers are also continuing to find ways to reduce the amount of precious metals used in auto catalysts, he is more positive on palladium than platinum when it comes to demand from the automobile industry.
Pay negotiations between labor unions and companies including AngloGold Ashanti Ltd., the world’s third-largest producer, are set to begin next month. Last year, about 70,000 workers at the local operations of the three biggest global platinum companies led a five-month stoppage that crippled output of the metal and contributed to the slowest pace of South African economic expansion since a 2009 recession.
Platinum expected demand this year to rise 4%, although the effect on mining companies might be offset by growth in recycling, which the company estimated at more than 8%. Recycling made up almost a third of total platinum supply last year
Platinum xpt/usd price remains negative as we are close to 1100 and 1080 levels main support previous level, therefore, the price below those  current support level will take the negative momentum to achieve lower prices Expected trading range price will go down to see the lower bands at 630 area,but we  need to see what will happen cause we can get  bounce from those levels1080-1000 look closely .

platinum

xptusd

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