Easing Concerns Around Supply Drives The Price Of Both Wheat And Platinum Down, RBOB Gasoline Continues To Rise

Summary:

• Platinum prices are falling with demand.
• Russia opens safe corridors for forign exports in the Ukraine.
• RBOB Gasoline prices continue to rise.

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Platinum futures

Platinum prices are well below their $1154 high that was hit in March of this year, the supply of platinum is rising whilst demand is struggling to recover. The lockdowns in China have slowed or stopped auto sector production causing the demand for platinum to fall, however, according to platinum's top supplier, Nornickel, the partial recovery of the global sector could offset the lower consumption in China. The market is expecting to see a surplus of Platinum at the end of the year.

✕ Platinum Jul ‘22 Futures Price Chart

Easing supply concerns driving Wheat prices down

As supply concerns ease, the price of wheat futures are falling. Russia said they would open safe corridors daily for forign ships to leave both Black Sea ports as well as Sea of Azov ports, which will allow commercial shipping to resume in the Ukraine after 3 months of fighting. In addition the Indian government announced an embargo on Wheat exports to try to guarantee food security and to discourage farmers from selling wheat on the private market at higher prices.

✕ Wheat Jul ‘22 Futures Price Chart

RBOB Gasoline prices

The prices of RBOB Gasoline have been rising amidst concerns around supply and the expected increasing demand. US President Joe Biden may limit US Gasoline exports in an attempt to decrease the prices in the US.

✕ RBOB Gasoline Jun ‘22 Futures Price Chart

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Sources: finance.yahoo.com, tradingeconomics.com