Platinum deficit to reach 1.2 moz in 2020 – report – by Jackson Chen (Mining.com – November 18, 2020)

https://www.mining.com/

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.

Recovering supply

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.

For the rest of this article: https://www.mining.com/platinum-deficit-to-reach-1-2-million-ounces-in-2020-report/

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