JOHANNESBURG – The biggest takeaway from today's Platinum Quarterly report and updated full-year forecast of the World Platinum Investment Council is the predicted record platinum deficit of more than a million ounces as well as the nigh wipe out of above-ground platinum stocks.on the WPIC's latest Platinum Quarterly and updated full-year forecast, WPIC research directorpointed out that forecast is the biggest platinum deficit on record in both ounce terms and as a percentage of demand.
Industrial demand is heading for a record 2 667 000 oz through capacity expansions, and total 2023 investment demand is forecast to be 386 000 oz. Continuing electricity shortages in South Africa are exacerbating the deficit and maintaining the downside risk to mined supply. Demand is being driven by a 13% increase in automotive demand year-on-year in combination with a 14% increase in industrial demand, and then a strong year-on-year improvement in investment demand.