Platinum Prices Drop In The Wake Of Slower Demand Prospects, RBOB Gasoline Prices, Wheat Prices Below Pre-Russian Invasion Levels

Soft commodities - corn and wheat up. Crude oil prices may end October above-the-line after very long time

Summary:

  • Recession and new covid-19 cases in China driving platinum prices lower.
  • Chicago wheat futures prices rose in the wake of an increase in buying.

Read next: WTI Crude Prices Recover On Wednesday, Supply Prospects Of Coffee Are Improving, Palladium Prices 

Platinum Prices at 20 month lows

Platinum prices had fallen to their lowest price in almost 20 months in the wake of lower demand expectations outweighed lower supply fears. The contraction in the US economy was more than expected amidst the Federal Reserve's aggressive monetary policy which is aimed at curbing surging inflation has raised the concerns around an economic downturn. In addition, fresh new covi-19 cases in China’s eastern provinces weighed further on the outlook for demand and growth.

Platinum Prices Drop In The Wake Of Slower Demand Prospects, RBOB Gasoline Prices, Wheat Prices Below Pre-Russian Invasion Levels - 1 Platinum Oct ‘22 Futures Price Chart

Wheat prices lower than pre-Russian invasion levels

Chicago wheat futures prices rose in the wake of an increase in buying from bargain buyers in the wake of the prices plummeting in the second half of June. Meanwhile, investors expectations around a large sum of Ukrainian Wheat entering the market any time soon are growing pessimistic. Wheat prices are still below pre-Russian invasion levels, as strong crops world wide added to the price pressures for agricultural commodities amidst recession fears.

Platinum Prices Drop In The Wake Of Slower Demand Prospects, RBOB Gasoline Prices, Wheat Prices Below Pre-Russian Invasion Levels - 2 Wheat Sep ‘22 Futures Price Chart

RBOB Gasoline Prices tanked this week

Gasoline prices fell earlier this week in the wake of an increase in supply into the US underground reserves, this drove gas prices lower and oil giants’ profits higher as well.

Platinum Prices Drop In The Wake Of Slower Demand Prospects, RBOB Gasoline Prices, Wheat Prices Below Pre-Russian Invasion Levels - 3 RBOB Gasoline Aug ‘22 Futures Price Chart

Sources: finance.yahoo.com, tradingeconomics.com

Soft commodities - corn and wheat up. Crude oil prices may end October above-the-line after very long time

Rebecca Duthie

Remote Editor and writer Intern
FXMAG.COM

Rebecca has a bachelors degree in Investment Management, a Post Graduate Diploma in Financial Planning and is currently enrolled in a Masters program in International Management with a Specialization in International Finance.