This report incorporates analysis of platinum supply and demand during Q1 2024, with an updated full year forecast for 2024.
- Forecast platinum market deficit for full year 2024 revised upwards to 476 koz
- Total platinum supply in Q1’24 the second lowest in our time series, with full year 2024 also forecast to be a near-record low
- Automotive demand at a seven-year high in both Q1’24 and for forecast full year 2024
- Jewellery demand increased 5% in Q1’24 driven by 53% year-on-year growth in India
- Industrial demand fell from a record high in 2023, yet remains 17% above the pre-COVID average
- Investment demand set to remain positive in 2024 for second consecutive year, supported by bar and coin demand in China
- Above ground stocks forecast to hit a four-year low for full year 2024