Platinum Market Deficit Expected to Shrink to 235,000 Ounces

Mineweb reported that the World Platinum Investment Council (WPIC) estimates that the platinum market will experience a deficit of 235,000 ounces this year.

As quoted in the market news:

Above-ground stocks of the metal that have prevented prices from benefiting from a tight market are forecast to have declined 20 percent in 2014 and are expected to drop a further 8 percent this year. Platinum prices fell 12 percent in 2014 and are now at their lowest since 2009 around $1,140 an ounce, despite heading for a fourth straight annual deficit.

Industry-funded WPIC, which commissioned the report from the consultancy SFA (Oxford), estimated above-ground platinum inventories, excluding exchange-traded funds, metal held by exchanges, and industry working inventories, at 2.53 million ounces at the year-end.

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