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Trading Signals

CME Platinum showing signs of possible reversal, up to $1,006.8 ($1.8)

12 April 2023

PLUSD

While in the midst of a 6 day downtrend, Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. After closing the previous trading day at $1,005, CME Platinum is up to $1,006.8 per troy ounce, which makes for a move of 0.17%/$1.8 today.

United States Core Consumer Prices is next today at 12:30 UTC.

Meanwhile, United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of 377,000, while the previous figure was -4.35 million. United States 3-Year Note Auction released yesterday at 17:00 UTC with a figure of 3.81, while the previous figure was 4.635.

This rally in Platinum's price coincides with other Metals as having closed the previous session at $2,019, Gold is up 0.26% today to currently trade at around $2,024.2.

At the same time, Copper closed at $4 (down 0.32%).

Moreover, macro data could boost sentiment further as United States Producer Price Index is projected to outperform its last figure with 0.1%. It previously stood at -0.1%; data will be released tomorrow at 12:30 UTC. United States Crude Oil Inventories is projected to outperform its last figure with -583,000. It previously stood at -3.74 million; data will be released today at 14:30 UTC.

Furthermore, the market is looking at United States Consumer Price Index is expected today at 12:30 UTC.

The commodity has been trending positively for about a month. The Platinum future reached a significant high of $1,104.4 around 3 months ago but has lost 9% since then.

Market Summary

Latest Commodities News

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Bearish the Platinum future currently $10.4 lower after trading as high as $1,111.7

Find out which commodities performed best in Friday's range-bound market

CME Live Cattle gets off to a weak start; down 0.55% this morning to $163.03 per pound

After three days of declines, Soybeans is up $7.75 today

Copper up 5.3 cents to $3.94 building up on its five days of gains

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