- 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.
Nigeria Nigeria Latest News, Nigeria Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »