The World Platinum Investment Council (WPIC) said on Wednesday that the platinum glut should ease this year as auto demand recovers, but concerns about Russian supply are unknown variables that could further tightening the market.
According to the industry body's latest quarterly report, the World Platinum Investment Association expects a surplus of 652,000 troy ounces of platinum this year, smaller than the 2021 surplus, which it said will be 1.2 million ounces.
WPIC expects mined platinum supply this year to be little changed from 2021 levels at 6.1 million ounces, while total supply, including recycled metal, will fall slightly to 8.2 million ounces. WPIC is an industry-funded body that uses data collected by independent consultancies.
Demand is expected to rise to 7.5 million ounces in 2022 from 7 million ounces last year, mainly due to higher demand from automakers, WPIC said.
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WPIC: Demand in the automotive industry recovers, and the excess supply of platinum may ease.
2022 03/09