Despite strong quarter-on-quarter recovery in supply, the global platinum market is set to experience a second consecutive year of deficit at just over 1.2 million ounces in 2020, according to the World Platinum Investment Council’s (WPIC) latest quarterly report.
A stellar rebound in automotive demand and sustained strong investment demand for precious metals lifted platinum demand well above supply in Q3 2020, leaving the quarter in a deficit of 709,00 ounces.
Both sides of the market showed strong recovery during the quarter, with supply and demand up by 48% and 75%, respectively, over Q2 2020.
Compared to the same quarter last year, total platinum supply in Q3 2020 fell by 5%, modest when compared to the 36% year-on-year decline in Q2 2020. Total mine supply grew to within 4% of the Q3 2019 level as operations ramped up capacity over the quarter.
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