WPIC Revised Platinum Market Deficit Forecast

SEATTLE (Scrap Monster): The World Platinum Investment Council (WPIC) published its Platinum Quarterly Report for the initial quarter of 2024 and a revised full year 2024 forecast. The Council revised upwards its deficit forecast for 2024. According to WPIC, the current deficit is forecast at 476 koz.

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The global platinum demand during the initial quarter of the year totalled 1,994 koz, mainly driven by rise in jewellery demand and steady growth in demand from automotive sector. At the same time, the quarterly platinum supply witnessed drastic decline to 1,625 koz, as mining and recycling supply continued to remain subdued during the quarter. This led to a market deficit of 369 koz, WPIC noted.

The Council expects net platinum investment to remain positive in 2024, for the second consecutive year. The bar and coin demand in the North American region is expected to remain robust throughout the current year. The Chinese retail investment in platinum is forecast to record double digit growth. Meantime, the high interest rates are likely to keep the European investments flat.

Trevor Raymond, CEO, WPIC stated that ongoing market challenges present significant downside risks to platinum supply into next year.