Thomson Reuters GFMS Publishes Annual Platinum Survey

Thomson Reuters GFMS has released its 2016 platinum group metals survey, as posted on Commodities Now.
As quoted in the publication, highlights of the report included:

• A rebound in mine production last year pushed the platinum market back into a marginal Physical Surplus, despite improved demand. The scale of the surplus at the Net Balance level was exacerbated by stock movements.
• Palladium’s Physical Deficit eased appreciably in 2015 but remained large, at 0.87 Moz (27.0 t). Adjusting for stock movements from ETF redemptions, the Net Balance shrank to a deficit of just 0.29 Moz (9.0 t).
• The GFMS team forecasts the platinum price to average $1,005/oz in 2016. Upside is expected to broadly prevail but near term consolidation back towards $1,000/oz expected to emerge during Q2 on abundant supply.
• Palladium prices forecast to average $595 in 2016; the year-on-year drop attributable to weak pricing during Q1.

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