Surplus of platinum in the world market in the third quarter of 2019 was reduced to a minimum of 25 thousand ounces (777,5 kg) vs 275 thousand ounces in the April-June period, the report by World Platinum Investment Council (WPIC).
In particular, global supply of platinum in July-September decreased to 1.96 with 2,145 million ounces in April-June.
Demand for platinum in the third quarter of 2019 rose 3.5% to 1,935 million ounces, including the demand in the automobile industry amounted to 695 thousand ounces, a decrease of 8.6% compared to the previous quarter, jewellery demand for the quarter has not changed and amounted to 545 thousand ounces and industrial demand has decreased from 475 to 465 thousand ounces.
Investment demand rose more than doubled to 230 from 90 thousand ounces in the second quarter. Demand for coins and bars of platinum has dropped to 35 from 60 thousand ounces in the April-June period.
WPIC expects a deficit of 30 thousand ounces against the excess of 345 thousand ounces in the previous forecast. The experts also provided expectations for the year 2020, according to which the market will be a surplus of the metal of 670 thousand ounces due to the fall in demand to 7.44 million ounces, but stable supply, including investment demand, which will fall two times.
WPIC was created in November 2014 by the six leading platinum producers: Anglo American Platinum, Aquarius Platinum, Impala Platinum Holdings, Lonmin, Northam Platinum and Royal Bafokeng Platinum to attract investment in the sector, to jointly Fund and develop new products, explore the market and share information.
