According to the new forecast of the World Platinum Investment Council, the deficit in the platinum market this year will be fixed at 1.2 million ounces, while earlier the company had expected this figure at 336 thousand ounces.
Thus, her score was increased by more than 3.5 times. By the end of the year, platinum supply is expected to decline by 18%, while demand — by only 5%. The volume of primary production will amount to 1.3 million tons, during the year it will decrease by 21%. The report noted that between July and September, thanks to the relaxation of quarantine restrictions, demand grew by 75%, while supply increased by 48%. However, the recovery in metal production failed to meet the growth in demand both in the automotive industry and in the investment sector, which led to a deficit. Global platinum production in the third quarter was only 5% below the level a year earlier. In the second quarter, the decline in production was 36%.
Investment demand for platinum is expected to hit a record high for the year. The forecast for next year assumes an increase in platinum supplies by 17% and an increase in demand by only 2%, due to which the deficit will be lower than this year, amounting to 224 thousand ounces.