Wold Platinum Investment Council Foresees Notable Surge in Market Surplus
The Q3 Platinum Quarterly data released by the World Platinum Investment Council (WPIC) foresees notable surplus for platinum market in 2018 and 2019. The report raises the surplus forecast for the current year from 295 koz to 505 koz, mainly on the back of declining demand for jewellery. According to WPIC, the market is likely to witness a surplus of 455 koz in 2019.
The global platinum supply rose by nearly 3% to total 2,115 koz in Q3 this year. The total mining supply was up by 4% over the previous year at 1,603 koz. Higher investment demand led to 2% surge in overall platinum demand during the quarter. The demand from industrial sector recorded 6% growth, though platinum demand from automotive sector was down sharply by 8% year-on-year.
The refined platinum production was up by 4% in Q3, due to robust supplies from South Africa and Zimbabwe. The Zimbabwean production skyrocketed by 20%, whereas South Africa reported 5% jump in year-on-year output. Output from all other regions remained more or less stable. The total mining supply grew by 4% over the year. Meantime, supply from recycling edged higher marginally by 1% to total 485 koz.
WPIC forecasts 1% year-on-year dip in total platinum supply in 2018. The global platinum demand is projected to decline more than supply, dropping by 4%. In 2019, global refined production is expected to record marginal 1% growth. Industrial platinum demand is projected to rise by 4%.
Recommend products
CONTACT US:
If you have any requirement or suggestion, please fill in the form and send to us, thanks!E-mail:sunymachine@gmail.com | Whatsapp:+8613674945231
