1 January 2023: Electricity shortages may elevate platinum’s historic January/February positive price seasonality in 2023: Over the past 25 years, the platinum price has shown the strongest positive price seasonality in January and February. The average compound return over those two months has been almost 8%. In contrast, platinum’s price performance has on average been more muted through the middle of the year. Calendar Q1, is also characterised by seasonally low refined mine supply from South Africa due to the challenges of restarting mining operations after the summer/Christmas holidays. This may be an influence on the typically strong January/February platinum price performance. With electricity supply shortages continuing in South Africa, it is possible that power shortages could add to the challenges associated with maintaining refined mine supply in the first quarter of 2023, which could exacerbate positive price seasonality.
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