This report incorporates analysis of platinum supply and demand during Q2 2024, with an updated full year forecast for 2024.
- Platinum market deficit of 1,028 koz forecast for full year 2024
- Supply forecast to weaken further, falling 1% to 7,089 koz in 2024, 6% below the 5-year average
- Total demand now expected to grow 3% to 8,118 koz
- Investment demand of 517 koz forecast for the year, boosted by ETF inflows and strong growth in bar and coin demand in China, especially in the large bullion bar category (500g and above, now included in demand figures)
- A jump in jewellery demand in Q2’24 contributes to overall 7% increase for full year 2024 in this segment
- Forecast full year 2024 automotive demand at a seven-year high at 3,237 koz, while industrial demand forecast to increase 1% this year from an already elevated level
- Above ground stocks forecast to reduce by 25%, hitting a four-year low for full year 2024, resulting in just over four months’ worth of demand cover