Anglo American Platinum share price: Production update and trading view
Anglo American Platinum Plc has released a fourth-quarter operational update.
Anglo American Platinum Q4 update summary
Anglo American Platinum Plc has released a fourth-quarter operational update. Some of the salient features of the update are as follows:
- PGM production at own-managed mines decreased by 8% due to the closure of mined out infrastructure at Amandelbult and community-related disruptions at Mogalakwena, while Unki and Mototolo delivered strong production
- PGM production from joint operations decreased by 14%, largely due to self-imposed safety stoppages at Modikwa following fatal incidents and an unprotected strike at both Kroondal and Modikwa
- Refined PGM production, excluding tolling, decreased by 49%
- Total PGM sales volumes decreased 24% largely due to lower refined production. The decline was offset by a drawdown of refined inventory and trading activities
Broker Rating and Client View
The below two graphics provide traders with both a retail short term view on the stock, as well as an institutional longer-term view on the company, as to how market participants are positioning themselves on Anglo American Platinum (Amplats) ahead of the results release.
A Thomson Reuters poll of 9 analysts maintain a long-term average rating of ‘Hold’ for Amplats (as of 28 January 2021).
From a retail trader perspective (as of 28 January 2021), 70% of IG clients with open positions on Amplats expect the price to rise over the near term, while 30% of IG clients with open positions expect the Amplats price to fall.
Anglo American Platinum: Technical View
The share price of Amplats currently trades in a short term consolidation, highlighted blue on our chart. The consolidation has taken the shape of a bullish flag formation. The pattern suggests that the preceding uptrend could be set to resume. Traders of the pattern might wait for a confirmed break of the resistance of this flag, before targeting a move to initial resistance at 16475, thereafter trailing a stop loss below the one or two day low (dependent on risk threshold). Should the share price instead move to close below the low at 1475, the bullish indications would be deemed to have failed.
This information has been prepared by IG, a trading name of IG Markets Ltd and IG Markets South Africa Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
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