Platinum Market Shortfall Estimated at 885,000 Ounces

A report put out by the World Platinum Investment Council is calling for a platinum market deficit of 885,000 ounces for 2014, according to Reuters. The report cited strikes in South Africa earlier this year and rising autocatalyst demand as drivers behind the deficit.

According to the publication:

The above-ground stocks of the metal that have helped cushion prices from the impact of the tightening market are expected to have declined significantly. Platinum prices are down 11 percent this year despite a third straight yearly deficit.

The WPIC, which commissioned the report from consultancy SFA (Oxford), said it sees above-ground platinum inventories, excluding exchange-traded funds, metal held by exchanges, and industry working inventories, at 2.56 million ounces at year-end.

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