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According to the report, automotive platinum demand jumped 25% year-on-year in Q3’22 on a very weak Q3'21 driven in large part by a 27% increase in light-duty vehicle production as supply-chain challenges eased. Jewellery demand for platinum in 2022 is forecast to remain unchanged year-on-year at 1,953 koz, with growth in Europe, North America, India and Japan not fully countering weakness in China, yet an improvement on the demand projected at the beginning of the year. For 2023, jewellery demand is expected to remain flat at 1,954 koz, WPIC said.
Meanwhile, outflows from exchange warehouses and liquidations of ETF holdings are expected to slow, resulting in net investment of 212 koz in 2023.
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