This year could kickstarts long-term deficit for platinum market - WPIC

  • 📰 KitcoNewsNOW
  • ⏱ Reading Time:
  • 53 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 24%
  • Publisher: 78%

Business News News

Business Business Latest News,Business Business Headlines

This year could kickstarts long-term deficit for platinum market - WPIC WPIC platinum

- After two years of surpluses, the platinum market could be on the cusp of a significant shift in its fundamental supply and demand outlook, which should continue to support prices and attract new investor interest, according to the latest report from the World Platinum Investment Council.

The WPIC’s forecast of a"meaningful" deficit has not had much impact on prices as the market continues to hold support above last month’s low above $900 an ounce. April platinum futures last traded at $943 an ounce, up 0.30% on the day. Looking at the official numbers, the WPIC sees global platinum demand growing by 24% this year to 7.985 million ounces, with supply increasing by only 3% to 7.428 million ounces.

Sterck also said that the substitution trend in the marketplace as automakers switch back to cheaper platinum from palladium continues to gain momentum. He explained that ongoing substitution could increase platinum demand by at least half-million ounces. The biggest growth sector for platinum is the industrial sector, which is expected to see consumption growth of 262,000 ounces this year, a 12% increase from last year and missing the 2021 record by 26,000 ounces.

Finally, the last pillar of support for the platinum market is investment demand, which is expected to increase by 298,000 ounces.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 13. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Industry leaders to address escalating catalytic converter thefts and promote responsible PGM recyclingKitco News' general-interest stories takes a look at what is making headlines in the marketplace and how that is impacting precious metals prices This is NONSENSE! The only way that they can even try to stem the tide of thefts of CCs is to OUTLAW BUYING THEM USED. Junkyards and such should not be allowed by law to buy them. If only a Govt Recycler was allowed it would stop a lot of theft!
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »