Platinum demand predicted to surge this year leaving the market undersupplied
The price of platinum has soared as high demand meets low supply.
A previously anticipated platinum shortage will be worse than expected this year thanks to increased demand, particularly from the industrial sector, according to the World Platinum Investment Council.
Global demand for platinum will see a 28% uptick this year compared to 2022, while supply will decrease 1% year-on-year, the organization said Monday.
The platinum deficit for 2023 will be around 983,000 ounces (983 koz), the WPIC report said, which is a 77% upward revision compared to its last forecast in March.
Industrial demand, particularly in chemical and glass production in China, is looking to be the strongest on record, the report estimates. Strong demand also continues in the auto sector as platinum becomes an increasingly common replacement for pricy palladium in catalytic converters, it said.
Platinum was priced at roughly $1,070 per troy ounce on Monday morning, having reached a multi-year high of around $1,130 in April.
Source: CNBC
