Platinum Set for Record Deficit But Prices Yet to Recover
- WPIC forecasts 2024 shortfall of more than 1 million ounces
- ETFs and Chinese buying are helping boost platinum demand
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The platinum market is expected to see its biggest annual deficit in at least a decade, but prices have so far been slow to react, according to an industry report.
A sharp rise in holdings by exchange-traded funds and strong growth in Chinese demand for large bars is forecast to help create a shortfall of more than 1 million ounces in 2024, according to a quarterly report from the World Platinum Investment Council. That comes after a deficit of 731,000 ounces last year.