Platinum Market Faces Surplus

The platinum market is expected to experience a surplus of 8.2 tons this year, reversing a previously forecasted deficit of 9.2 tons and ending three years of supply shortages. This shift is primarily due to decreased investment demand, as holdings in exchange-traded funds (ETFs) have declined by about 12 tons, leading to a price drop of over a third compared to mid-January when prices reached around $3,000 per ounce. Additionally, jewelry demand in China fell by 76% in the second quarter, largely because of the expansion of electric vehicle production that does not use catalytic converters—accounting for roughly 40% of global demand. Despite these reductions, industrial demand continues to be supported by sectors such as electronics and data centers, even as mine supplies in South Africa and Russia decline due to aging facilities and operational issues.

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