Mineweb reported that according to HSBC, the platinum deficit will reach 844,000 ounces this year. However, the bank has cut its 2013 price outlook for the metal to $1,580 per ounce from $1,710 per ounce, also lowering its 2014 forecast to $1,725 per ounce from $1,800 per ounce.

As quoted in the market news:

The reason for this, the bank writes, is that “Platinum has been more influenced than we had anticipated by the sharp swings in the gold price and this will pull average prices lower for this year and next.”

Nonetheless, the fundamental picture for platinum remains engaging.

On the supply side, HSBC is forecasting total global production of c5.646moz for 2013, with South Africa by far the biggest producer.

This, it says, is a decline of 6.3% from its previous forecast, and is nearly flat on 2012 levels. In other words, the group expects virtually no mine output growth for the year.

Click here to read the full Mineweb report.