Platinum prices continue to have positive stability, looking away from the rise in the US dollar index for the fourth consecutive session
The occurrence of fluctuation of platinum prices in a narrow range that is trending upward through the Asian session, to prepare for the sixth consecutive weekly gains for it, which may reflect its maximum weekly gains march in two years, condoning the rise of the US dollar index for the fifth session in seven sessions from the lowest since early July / July, according to the inverse relationship between them on the threshold of developments and economic data expected on Friday by the US economy.
At 05:15 am GMT, platinum prices rose 0.13% to currently trade at $ 936.79 per ounce compared with the opening at $ 934.58 per ounce, while the US dollar index rose 0.01% to 97.43 levels compared to the opening at 97.42.
In another area, investors are currently awaiting by the American economy the disclosure of the GDP reading, which may reflect the stability of the expansion of the largest economy in the world at 2.1%, unchanged from the previous initial reading for the third quarter and against the expansion of 2.0% in the second quarter last, as the index reading may reflect The same measured by prices is stable at 1.8%, unchanged from the previous initial reading and against 2.4% growth in the previous reading for the second quarter.
That is, before we witness the disclosure of spending and personal income data, which may reflect the acceleration of personal spending growth to 0.4% compared to 0.3% last October, and personal income growth of 0.3% against stability at zero levels in the previous reading of October , While a reading of the core personal consumption expenditures index may show the stability of 0.1% growth in November.
To reveal the final reading of the University of Michigan's index of consumer confidence, which may show the stability of the expansion at 99.2 unchanged from the previous initial reading for the month of December and 96.8 in November, in addition to the release of consumer expectations reading for inflationary pressures for one and five years, and this comes amid Looking forward to the US Treasury revealing its semi-annual report on economic policies and the international exchange rate.
Otherwise, yesterday we followed the statements of the US Treasury Secretary Stephen Mnuchin on the "C-N-C" channel, through which he expressed that the first stage of the commercial deal between his country and China is currently undergoing a technical and legal review and that it will be signed in early January Next, on the other hand, the Chinese Ministry of Finance also announced yesterday its decision to exempt six US goods from applying customs duties for a year starting from the 26th of this month.
In another context, we have followed up last Wednesday, American Trade Representative Robert Lighthiser expressed that his country may increase the customs duties it imposed recently on European Union goods and goods, which are valued at $ 7.5 billion, with the aim of reducing the trade deficit with the Union, explaining that the trade deficit with Europe may record about $ 180 billion this year 2019, and that America needs to find ways to sell more of its goods and goods to the European continent.
It is noteworthy that US Secretary of Commerce Wilbur Ross recently noted that the administration of President Donald Trump has not yet ruled out the idea of imposing fees on European cars imported by the United States of America, despite the two parties attempting to reach a settlement regarding the trade deficit that is in the interest of the European Union. Because these statements reinforced concerns about the escalation of the trade war between Washington and Brussels.
In another context, the American commercial representative to Lighthiser said last Tuesday that his country's agricultural sales to China are expected to double, with his statement that the first stage of the trade agreement between Washington and Beijing is enforceable, and we would like to point out that the head of the International Monetary Fund Christina Georgieva and the agency Fitch credit rating also raised their expectations for the growth of the Chinese economy for the year 2020 to 6% with optimism about the agreement.
It is noteworthy that the World Platinum Investment Council (WPIC) revealed earlier in the last month its quarterly report for Platinum, which included the full expectations of the Council for the current year 2019 and preliminary expectations for the next year 2020, as the third quarter report stated that the Council expects this year a deficit of 30 thousand ounces compared to His previous expectations in the second quarter report, surplus 345 thousand ounces.
The Platinum World Investment Council attributed its expectations of a deficit to the expanded increase in demand by investment funds, which amounted to 12%, which will compensate for the expected decrease in demand in the automotive and cargo sectors, which is 5%, and in jewelry, 6%, in addition to the industry, 1%, while maintaining its expectations for supply growth. By 2% during the whole of the current year 2019.
In the same context, the Platinum World Investment Council stated that the supply by the mining sector increased by 1% with the growth of mining projects, with the suggestion that that growth was mainly due to the refining of metals in the transaction lines that were established in 2018 and which contributed to the rise Platinum recycling increased by 3%, despite the low platinum prices during most of 2019, which led to a decrease in jewelry recycling.
The first forecast for the Council for 2020 comes with a surplus of 670 thousand ounces, which reflects the expectations of a 1% decrease in supply and a 10% decline in demand, mostly due to a decrease in investment demand, knowing that it is expected to be much higher than the average of the past five years, except It is not expected that investment funds will repeat demand for the harsh level like this year, and the supply of mines is expected to decrease by 2% from 2018.
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